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Cryptocurrency News Articles
Toncoin (TON) Price Promising, Could Pump If This One Resistance Breaks
Sep 28, 2024 at 11:30 pm
In a recent analysis from Rekt Capital's newsletter, the focus was on Toncoin (TON). The analysis began with a recap from two weeks prior, noting that TON
The price of Toncoin (TON) has been showing promising signs of late, and it could continue to rise if it manages to break through a key resistance level.
According to a recent analysis from Rekt Capital's newsletter, TON is now positioned for a potential rally after successfully closing above a crucial range low. The cryptocurrency had broken down from a defined range two weeks prior, but it subsequently showed signs of attempting to reclaim that range.
Earlier analysis suggested that a weekly close above the range low would indicate a successful reclaiming of that level. If such a weekly close were to occur, any subsequent dips would serve to reaffirm the range low as new support, thereby setting the stage for a potential challenge against an established downtrend.
As the week progressed, the analysis began to materialize. TON closed above the range low, positioning itself for a retest. The latest update highlighted that TON had confirmed its re-entry into the macro range, reclaiming the range low as new support, which propelled the price into a rally exceeding 10%.
In the short term, there might be initial resistance at a series of lower highs, but given the prevailing market conditions, there was optimism that TON could break through the downtrend.
The analysis noted that other cryptocurrencies, such as FET, INJ, TAO, PEPE, and WIF, had recently overcome similar resistances, suggesting that TON might finally be following suit. A successful break of the diagonal resistance could lead TON to revisit the higher range levels over time.
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