Toncoin (TON) maintains the upward momentum, reinforcing market confidence.

After recovering from the price of 2.36 USD, Toncoin (TON) has continuously risen, strengthening the bullish outlook and reflecting the growing confidence of investors. Unlike the strong fluctuations often seen in many other assets, TON is showing a sustainable upward trend, emphasizing strong demand and market stability. This coin has maintained key support levels, significantly limiting the risk of a deep correction and allowing the bulls to control the trend.

As the upward momentum continues to strengthen, traders are closely monitoring key resistance levels that could determine the next move for TON. If buying pressure continues to increase, TON may extend its upward trend towards higher resistance areas.

Can Toncoin maintain this upward trend?

The recent strong recovery of Toncoin has boosted the optimistic sentiment of the community, but the question arises whether this trend can be sustained. Currently, TON has established a solid foundation at the important support level of 2.36 USD. However, maintaining this momentum will depend on many technical factors and the overall market developments.

TON is maintaining its upward momentum as it approaches the resistance level of 4.34 USD, coinciding with the 100-day SMA. This steady upward trend indicates that the buying power of the bulls is still dominant, as investors continue to push prices higher despite potential resistance areas.

If TON can decisively break through the level of 4.34 USD, the upward trend will be further strengthened, paving the way for the price to advance to a higher resistance zone at the level of 6.13 USD. In the event that buying pressure continues to be sustained and pushes the price beyond this important threshold, TON could very well aim to retest the historical peak of 7.29 USD.

The Toncoin chart shows a strong upward trend | Source: TradingViewTechnical indicators such as MACD are also supporting the bulls, but increasing selling pressure at resistance levels may cause significant price fluctuations. To confirm the upward trend, TON needs to maintain steady buying pressure and overcome key technical barriers.

The analysis of trading volume also reinforces the upward momentum of Toncoin, as the volume has increased by over 10%, reflecting strong market participation. If the volume continues to rise in parallel with the price, this could strengthen the upward trend and raise the probability of breaking out to higher levels.

Potential "plunge" risks

However, if Toncoin is rejected at an important resistance level, monitoring key support levels will be a decisive factor in assessing the sustainability of the upward trend. The first support level to watch is 2.36 USD, where buying pressure has previously appeared strongly. A return to this area could attract additional demand and help stabilize the trend.

However, if TON slips below this support level, selling pressure may increase, leading to a deeper correction. At that point, if the bulls cannot defend the critical support zones, the price risks struggling to recover, possibly even establishing a new low.

1D price chart of TON | Source: TradingViewYou can view the price of TON here.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct their own research before making any decisions. We are not responsible for your investment decisions.

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