3 minsTONCOIN (TON/USD):
As I mentioned last week, I was curious to observe how the price action would unfold once we reached this key area on the daily time frame. At the moment, the price seems to be encountering some resistance at the 50% Fibonacci level. However, given the positive fundamental news circulating, I wouldn’t be surprised to see the price continue to move higher. Overall, the cryptocurrency market appears to be trending upward in the short term.
Looking more closely at the technicals, it’s clear that we’ve broken out of this internal descending trendline. At present, the RSI indicator shows no signs of the move being “overbought.” If the price continues to rise, I expect the next target will be the support area above, around the $7.00 level.
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