Bitcoin

Toncoin

Resistance

TON price rallied nearly 15% and traded above the $6.50 resistance. Toncoin is now showing a few signs of trend exhaustion and might correct gains. 
<ul> 
 <li>Toncoin jumped above the $6.20 and $6.50 resistance levels.</li> 
 <li>The price is now trading above $6.50 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key parabolic curve forming with support at $6.80 on the hourly chart of the TON/USD pair (data source from Kraken).</li> 
 <li>The pair could start a downside correction if it declines below $6.80 and the $6.60.</li> 
</ul> 
<h2 id="ton-price-reaches-7">TON Price Reaches $7</h2> 
Recently, TON price started a strong increase from the $5.60 support zone. It climbed above the $6.20 resistance zone. It gained nearly 15% in a day and outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovery-63200/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-increase-3080/" target="_blank" rel="noopener ">Ethereum</a>. 
Toncoin traded close to the $7.00 level. A high was formed at $6.93 and the price is now consolidating gains. It is trading near the $6.80 zone and well above the 100-hourly Simple Moving Average. There is also a key parabolic curve forming with support at $6.80 on the hourly chart of the TON/USD pair. 
Immediate resistance is near the $6.92 level. The first key resistance is near $7.00. A close above the $7.00 resistance zone could spark a strong increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Toncoin-TON-Price.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-607354" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Toncoin-TON-Price.png?resize=1024%2C461" alt="TON Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Toncoin-TON-Price.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Toncoin-TON-Price.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Toncoin-TON-Price.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Toncoin-TON-Price.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Toncoin-TON-Price.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Toncoin-TON-Price.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Toncoin-TON-Price.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/TONUSD/" target="_blank" rel="noopener nofollow">TONUSD on TradingView.com</a> 
The next key resistance is near $7.20. If the bulls remain in action above the $7.20 resistance level, there could be a rally toward the $7.55 resistance. Any more gains might send the price toward the $8.00 resistance. 
<h2 id="downside-correction-in-toncoin">Downside Correction In Toncoin?</h2> 
If Toncoin price fails to clear the $6.90 resistance zone, it could start a downside correction. Initial support on the downside is near the $6.80 level and the parabolic curve, below which the price might test the 23.6% Fib retracement level of the upward move from the $5.61 swing low to the $6.93 high. 
The next major support is at $6.25 or the 50% Fib retracement level of the upward move from the $5.61 swing low to the $6.93 high. If there is a downside break and a close below the $6.25 level, the price might accelerate lower. In the stated case, the price could retest the $6.00 support zone. 
Technical Indicators 
Hourly MACD – The MACD for TON/USD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for TON/USD is now above the 70 level. 
Major Support Levels – $6.80 and $6.60. 
Major Resistance Levels – $6.90 and $7.00.

TON Price Surges 15% In A Day But Signs of Bullish Exhaustion Emerge

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