- Toncoin hits eight-week high, surges over 20% after breaking key $3.30 resistance confluence.
- Bullish RSI backs the breakout, signaling potential for further TON upside.
- TON/USD bulls eye April’s peak and 200-day SMA, with strong support holding around $2.90.
Toncoin (TON/USD) price jumped over 20%, hitting an eight-week high, before stabilizing near $3.48—up 16% intraday by the press time of Wednesday’s US session. The surge marks TON’s biggest daily gain since early March, fueled by a breakout above the 100-day Simple Moving Average (SMA) and a descending resistance line from April, part of a symmetrical triangle pattern.
TON/USD: Daily chart signals start of a bull run
Source: Tradingview
Toncoin’s breakout above the 100-day SMA and the symmetrical triangle resistance near $3.30, now acting as support, is backed by a healthy 14-day RSI above 50 but below the overbought level of 70, signaling room for further gains.
A daily close above $3.30 and the monthly high around $3.58 is crucial for the TON/USD pair buyers to maintain momentum, especially as the MACD still shows trader indecision.
If TON extends its rally, it could target April’s peak at $4.21 and the 200-day SMA near $4.30. Following that, the next Toncoin target could be the 50% Fibonacci retracement of December 2024 to March 2025 fall, at $4.83.
On the downside, a TON/USD close below $3.30 may trigger profit-taking, pushing prices toward the $3.00 psychological support.
The triangle’s support near $2.90 is a strong defense for TON/USD bulls; breaking below this could expose TON to a further drop toward the yearly low of $2.44 from March.
TON/USD: Four-Hour chart points to consolidation before next leg higher
Source: Tradingview
The daily chart shows TON/USD’s strong uptrend, but the overbought RSI on the four-hour chart warns of a possible short pullback before the next rise. The $3.30 level, now support from previous resistance, is key for the TON sellers to watch.
If TON bears push lower, the 200-bar SMA near $3.16 becomes the next important support level, a break of which could drag prices down to the triangle’s bottom around $2.90, and then toward April’s low at $2.78.
On the upside, the late March low near $3.67 is immediate resistance level for the Toncoin buyers before the round number at $4.00. If TON stays above $4.00, higher resistance levels on the daily chart will come into focus for bulls.
