Toncoin (TON) Price Consolidates Gains Above $7.00 Support, Could Retest $8.70

Toncoin price is consolidating above the $7.00 support, while Bitcoin corrected gains. TON could soon gain bullish momentum to retest $8.70.

Toncoin (TON) price remained range bound on Monday, consolidating above the crucial $7.00 support. Meanwhile, Bitcoin (BTC) price corrected recent gains after rallying over 15% last week. Nevertheless, TON price displayed bullish momentum, suggesting it could soon attempt to retest the $8.70 resistance.

Also read: Bitcoin Price Analysis: BTC Price Recovers From Lows, Aiming For $24K Resistance.

Toncoin Price Analysis: Key Points To Watch

In the last Toncoin price analysis, we covered how TON outperformed Bitcoin. The price dipped and tested the $6.80 support zone. However, the bulls were active and protected the 50-day simple moving average (blue).

A low was formed at $6.79 and the price is now slowly moving higher. There was a close above the $7.20 and $7.25 levels. The price even spiked above the 50% Fib retracement level of the downside correction from the $8.33 swing high to the $6.79 low.

Now, TON price is trading above a crucial bullish trend line with support at $7.20 on the daily chart. The last 2-3 candles signal exhaustion. Therefore, we can expect a short-term pullback toward the trend line zone before the price regains traction.

Immediate resistance on the upside is forming near the $7.75 level. The first major resistance sits at $8.00 and the 76.4% Fib retracement level of the downside correction from the $8.33 swing high to the $6.79 low. A clear move above the $8.00 resistance could send the price toward the $8.33 high.

If the bulls push the price above $8.33, the price could easily rally toward the $8.80 resistance. Any more gains might open the doors for a move toward the $10.00 level.

Fundamentally, Symbiosis introduced TON Bridge v1 to enable users to execute seamless swaps between TON and multiple networks.

Besides, USDt on TON recently surpassed $500M in net circulation in less than two months, suggesting a continuous growth of TON blockchain.

You know real-world use cases of crypto are hard to find.

$USDt on #TON has surpassed $500M in net circulation in less than two months

This is the fastest growth in the history of @Tether_to.

Sending digital dollars to anyone, anywhere, as easily as sending a text message… pic.twitter.com/R04dLXs7Kn

More Losses In TON?

Conversely, TON could struggle to gain bullish momentum above $8.00. In the stated case, Toncoin might slide below the trend line support at $7.20. The first major support is forming near $7.00 and the 50-day simple moving average (blue).

A daily close below the $7.00 support might spark strong bearish moves. The next key support sits at $6.20, below which the price could even retest the $5.55 support in the coming days.

Overall, Toncoin price is showing positive signs above the $7.00 pivot level. A clear move above $8.00 might send TON toward $8.80 or even $10.00. Conversely, there might be a pullback toward the $6.00 support.

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