With a bullish reversal from $5 asserting dominance over a psychological mark, Toncoin shows resilience in a bear market. However, with a recent pullback in the same reversal rally retesting crucial support, the TON price experiences massive pressure. Will the uptrend in Toncoin survive this pullback phase?
Toncoin Price Performance
With a V-shaped reversal from the $5 mark, the TON price avoids staying under the 200-day exponential moving average. The reversal rally accounts for a 22% surge in just two days to surpass the $6 mark.
Tradingview
However, the uptrend in TON prices failed to exceed the 50-day EMA, resulting in a crash on Sunday. In confluence with the broader market, Toncoin drops by 6.90% to complete an evening star pattern.
Currently, the TON price trades at $6.28 with an intraday growth of 1.13%, revealing the bullish attempt to avoid a bearish start to the week. As the buyers hold the downtrend to avoid losing $6, the uptrend chances hang on the broader market movement.
Technical indicators:
EMA: The declining 50D EMA acts as a dynamic resistance and warns of a death cross with the 200D EMA.
MACD: The bullish crossover in the MACD and signal lines tease an uptrend continuation as the positive histograms resurface above the zero line.
Will Toncoin Hit $10?
In the daily chart, the trend-based Fibonacci retracement reveals the ongoing correction hanging at the 23.60% level at $6.21. As the pullback phase comes as a retest, the buyers maintain an optimistic view of Toncoin.
In the short term, the 50D EMA breakout will be a price action confirmation for a bullish trend continuation.
With a post-retest rally, the TON price could aim for the $7.68 breakout run if the broader market recovers. Hence, with a breakout run, the Toncoin prices could continue to reach the $10 milestone.
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