Rally

Toncoin

when

Defying the current market correction, the <a href="https://coingape.com/toncoin-ton-price-slips-as-spain-bans-telegram/" rel="noopener noreferrer nofollow">Toncoin</a> showcased a sustainable recovery within a week with its price rallying from $3.32 to $5. This 50% surge also breached the last swing resistance of $4.58, providing the buyers with the next stepping stone to prolong this recovery. Will the TON price continue its bullish momentum or broader market correction invalidate the buyer’s attempt?
Also Read: <a href="https://coingape.com/markets/4-cheap-under-1-altcoins-to-dca-as-bitcoin-bleeds-for-100x-potential/" rel="noopener noreferrer nofollow">4 Cheap Under $1 Altcoins To DCA As Bitcoin Bleeds For 100X Potential</a>
<h2 id="b-the-open-league-sparks-toncoin-price-rally-past-5-b">The Open League Sparks Toncoin Price Rally Past $5</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/w/WeCLtQH4.png" alt="BYBIT:TONUSDT Chart " width="1946" height="937">
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 Toncoin Price| Tradingview
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Toncoin (TON), the native cryptocurrency of The Open Network ecosystem returned on a recovery trend last weekend when the price rebounded from its 50% retracement at $3.3. While the majority of major cryptocurrencies witnessed a notable correction this week, the TON price rallied and reclaimed the losses from the last retracement to hit the $5 milestone.
This bullish surge can be attributed to a recent announcement of The Open League, a major community incentive program. With plans to distribute 30 million Toncoin, valued at over $115 million, this initiative is set to reward competing projects and users within the TON ecosystem starting in April.
Amid the bullish momentum, the TON price gave a decisive breakout from $4.85 resistance with a 12.87% intraday jump. While the broader market trend is bearish, a daily candle closing above this barrier is crucial for buyers to resume forward march.
As per the Fibonacci extension tool, the <a href="https://coingape.com/toncoin-price-soars-10-amid-115m-ton-distribution-announcement/" rel="noopener noreferrer nofollow">Toncoin price</a> rally may face overhead supply at $5.32, followed by the $5.85 mark.
Also Read: <a href="https://coingape.com/analyst-says-bitcoin-btc-price-influenced-by-forces-beyond-etf/" rel="noopener noreferrer nofollow">Analyst Says Bitcoin Price Influenced by Forces Beyond BTC ETF</a>
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The ADX slope at 36% reflects the current recovery may soon hit exhaustion and coin holders can witness minor pullbacks aimed to revive exhausted bullish momentum.</li>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The fast-moving 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> slope continues to act as a dynamic support for TON price, maintaining a high momentum rally over the past four weeks.</li>
</ul>
The post <a href="https://coingape.com/markets/whats-next-for-toncoin-price-after-50-surge/" rel="noopener noreferrer nofollow">What’s Next for Toncoin Price After 50% Weekly Surge?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

What’s Next for Toncoin Price After 50% Weekly Surge?

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