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The Toncoin price jumped 7% to trade at $2.24 as of 8:10 am EST as traders position themselves for a potential breakout in TON’s price in the coming few days.
This latest price increase was enough to pull the altcoin’s weekly performance out of the red zone, boosting TON’s weekly rise to 0.83%. Should investors continue to buy into the cryptocurrency, it may finally be able to escape a 2-week long consolidation channel.
Toncoin Price Technical Overview
Daily chart for TON/USDT (Source: TradingView)
A medium-term symmetrical triangle that was present on TON’s daily chart suggests that the cryptocurrency’s price may enter into a strong move in the next few days. Investors and traders are already attempting to elevate TON’s price to above the breakout chart pattern, which could indicate that the altcoin’s price may be gearing up to soar.
Toncoin Price Has Potential to Climb to a New ATH
If TON is able to break above the symmetrical triangle pattern, then it may attempt to flip the resistance level at $2.3315 into support. This could then give TON the necessary foundation to continue its ascent in the following few days.
In this bullish scenario, the cryptocurrency may surpass the $2.6130 threshold in the short term as well. A daily close above this price point may then be seen as a bullish signal, as TON will have minimal resistance at this point standing between itself and its all-time high (ATH) of $5.84.
Should the symmetrical triangle pattern lead to a breakout towards the downside, then TON’s price may look to retest the immediate support level at $1.9970. Continued sell pressure at this mark could force the altcoin’s value below this critical level, which will then expose it to the risk of potentially dropping to $1.7660 in the following few days.
Technical indicators on TON’s daily chart favored a positive medium-term outlook and suggested that the altcoin’s price may rise in the coming few days. The first indicator that investors and traders will want to take note of is the daily Relative Strength Index (RSI) indicator, as the RSI line crossed bullishly above the daily RSI Simple Moving Average (SMA) line. This signaled that buyers had grown stronger and may continue to support TON’s price in the next 24-48 hours.
A significant bullish technical flag was also triggered by the daily Moving Average Convergence Divergence (MACD) indicator throughout the past 24 hours. During this time, the MACD line crossed above the MACD Signal line, which could suggest a continuation of TON’s positive price trend.
Incoming U.S. Fed Announcement
Cryptocurrency traders will be paying close attention to the U.S. Federal Reserve’s upcoming interest rate decision, which will be announced tomorrow at 2:00 pm EST. TradingView data indicates that the market does not anticipate an interest rate hike.
Should the Fed announce a hike, prices in the cryptocurrency market, including that of TON, may pull back, since investors will most likely opt to invest in less riskier asset classes. A confirmation that there will be no hike on the other hand may lead to a bullish breakout in TON’s price.
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