Toncoin (TON) Price Surge Coincides with Increased Network Activity and Exchange Accessibility, Analysts Eye $8 Target

Toncoin (TON), the native crypto of the TON blockchain, has gained traction in the crypto market. The Toncoin price surge coincides with a recent surge in network activity and increased accessibility on major exchanges.

Cryptocurrency: Toncoin (TON)

Relative Strength Index (RSI): 35.33

Bollinger Bands: Upper: $5.03, Lower: $4.76

Fib Retracement Levels: Resistance: $5.05, Support: $4.85

Toncoin Price Analysis: November 7

After a brief period of consolidation, Toncoin appears to be preparing for another price surge. The crypto is currently trading at $4.95, up 4.26% in the past 24 hours, and seems poised to break above a crucial resistance level.

Toncoin price faces strong resistance at $5.05, Fib retracement level. Source: CoinMarketCap

As observed in the price chart above, Toncoin has encountered strong resistance at $5.05, which coincides with the Fib retracement level. However, if buying pressure persists and Toncoin manages to break above this resistance, it could pave the way for a price surge to $8, as suggested by crypto analyst The Moon.

On the other hand, if Toncoin fails to rally past $5.05, it might encounter further resistance at $5.15, followed by a critical zone between $5.25 and $5.35. This zone has historically acted as a pivot point for Toncoin's price movements.

Breaking through this resistance zone could propel Toncoin toward higher price targets, potentially reaching $6 or even $7 before encountering any significant obstacles.

However, a failure to rally past these levels could lead to a downturn, with support levels at $4.85, Fib retracement level, and $4.76, Bollinger Bands Lower.

Losing these support levels could lead to a steeper decline, possibly reaching critical support at $4.55 or even lower price targets.

Overall, Toncoin's price action remains bullish, and a breakout above $5.05 could open up a path toward the $8 price target. However, buying pressure must remain strong to sustain this price surge.

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