Toncoin (TON) Price Looks Promising as Indicators Signal Imminent Short-Term Rally: Here’s the Outlook
The price of The Open Network (TON) is breaking out of a macro consolidation that started in mid-September. This consolidation has failed to break above the $5.77 zone, which has been a resistance level since late August.
With the price breaking above the consolidation, there could be some bullish pressure as this could raise excitement in the Toncoin community.
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A successful breakout and retest could see the price spike to the trendline resistance that has also held its price down continuously. TON must break above the descending channel’s upper boundary for a major rally to occur.
Short-Term Rally to $6.4 Possible
Looking at TON’s 4-hour chart, AlienOvicho posted that TON is breaking out of a zone at around $5.766. The chart suggests that a successful breakout from this level could see the price spike to $6.433, where the next resistance is.
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The relative strength index on the daily charts supports the possibility of a continued price rise. Currently, at 55, it shows that the price has room to run in the case of increased bullish momentum.
The 50-day SMA, which reflects short-term price potential, is currently serving as support for the price. This could also be a trigger for more price increases and give more confidence to the bulls.
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