Has Toncoin Price Hit Overbought After a 70% Weekly Surge?

News

Toncoin Price

Toncoin Price: As the leading cryptocurrency Bitcoin extended its high to new levels, the altcoin witnessed an aggressive recovery momentum, including Toncoin, This asset riding a high momentum is highlighted by three massive candles in the daily chart which propelled the coin value by $2.7 to $4.38, registering a 68% growth.

Also Read: Crypto Prices Today March 13: Bitcoin At $72K, Ethereum At 4000, Pepe Coin & Toncoin Surge

Toncoin Price Bullish Reversal Attracts Smart Money

KUCOIN:TONUSDT Chart
Toncoin Price| Tradingview

For over a year, TON, the native cryptocurrency of theToncoin decentralized layer-1 blockchain, traded in a sideways trend struggling to sustain above the $2.8 barrier. However, an analysis of the daily time frame chart showed this consolidation as the formation of a bullish reversal pattern called inverted head and shoulder pattern,

On March 1st, the Toncoin price gave a bullish breakout from the pattern’s neckline resistance at $2.7 signaling a notable change in market dynamic. The post-breakout rally uplifted the coin price by 70% to reach the current trading price of $4.53. This bullish movement coincides with speculation around a potential Initial Public Offering (IPO) by the messaging giant Telegram, which has been closely linked with the TON project.

According to Spot On Chain, a notable cryptocurrency whale — identified by the Ethereum address 0x1ee — has invested heavily in Toncoin. The whale’s transaction history shows a purchase of 209,237 TON, valued at around $852K worth of Ethereum (ETH), at an average price of approximately $4.07 per TON over the past day.

This accumulation hints that smart money traders do not expect an immediate top for the TON price and possibly a prolonged recovery.

As per the traditional pivot level, the recent price jump gives a deceive breakout from Resistance-4 level at $4.4, providing buyers another stepping stone to climb higher. With sustained momentum, the TON price may rise another 7.5% to meet the next immediate resistance at $7.85.

Also Read: Bitcoin Whales With Over 1000 BTC Cash Out Profits, A Correction Ahead?

Technical Indicator 

  • Relative Strength Index: The daily RSI slope to 90% indicates the buyers leading an overextended rally, and a minor pullback could allow them to recuperate strength.’
  • Pivot Levels: If the TON price enters a new correction from $4.4, the pivot levels of $3.9 and $3.4 stand as potential supports.

The post Has Toncoin Price Hit Overbought After a 70% Weekly Surge? appeared first on CoinGape.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed

Leave a Reply