Toncoin Eyes Notable Uptrend After Breaking Above This Key Chart Pattern
Toncoin (TON) has broken out of a long-standing descending channel on the daily chart, indicating a potential end to its recent downtrend and the beginning of a new uptrend. The token is currently positioned as a strong performer in the recovering crypto market. Key support has been established, allowing for possible upward movement toward resistance levels at $4.10, $4.90, and $5.60. For Toncoin to maintain its rally, the Relative Strength Index (RSI) should remain between 40 and 70, avoiding overbought conditions. The Moving Average Convergence Divergence (MACD) shows bullish divergence, suggesting favorable momentum if it stays above the signal line. Volume analysis is crucial; an increase in trading volume during price movements indicates strong demand and supports the trend, while low volume may hinder the rally's sustainability.
