Toncoin is trading at $1.46 at the time of writing, surging over 11% on Saturday. It is maintaining trading around this level after a slight correction a few hours ago.
Nonetheless, its current price suggests that the bulls are accumulating amid slight profit-taking. It remains to be seen if they keep the bears out throughout the weekend. However, the current price action shows the asset trading above a key level, one that has signaled an impending attempt at a critical resistance.
Toncoin’s uptrend enters day three, and it is experiencing the biggest uptick of the three days. Following a rejection at $1.31 on Thursday, it reignited upward momentum the next day with an almost 5% increase.
The altcoin has seen a constant inflow of bullish fundamentals over the last three days, fueling the run. One such was the announcement by Pavel Durov, who made plans to improve the Toncoin blockchain publicly. He promised a 10-fold increase when the devs complete the upgrade.
The biggest, as of Saturday, is renewed institutional interest in TON. On Friday, Grayscale updated its list of asset-under-consideration page, which included Toncoin in the smart contract platforms. Being one of the first institutions to offer crypto investment products, the list thrilled investors as they anticipated possible ETF listings.
Although weekend, the altcoin is seeing an almost 90% increase in trading volume following the latest news. Amid the increases, the 1-day chart offers insight into what to expect.
Toncoin Targets $1.55
TON is currently trading above its 30-day high. Its next target will be its two-month high at $1.50. Following rejections at the mark in February, it has traded below, mostly range-bound.
The asset will flip in the coming hours. Based on the current price trajectory, it will surge even higher after the flip. Previous price movements indicate that after a $1.50 flip, the next critical level is $1.55. However, it hinges on the bulls toppling the selling pressure around the two-month high.
Aside from previous price movements, the moving average convergence divergence recently displayed a bullish crossover. With the bulls in control and fundamentals driving it, Toncoin will likely flip the 60-day high in the coming hours.
Interestingly, the pivot point standard aligns with this assertion as the second pivot resistance lies at $1.47 and the third lies at $1.55. The PPS suggests that after flipping R2, the next level will be R3. The ability of the bulls to cause such rise remain uncertain.
However, after the climb above R3, Toncoin may lose momentum. The relative strength index is currently above 70, indicating it is overbought. It may plummet as low as the R1 at $1.34.
In other news, Tron was also on the list TON. In response, investors resumed buying as it was experiencing a slight downturn. As a result, it is up by a few percent. Interestingly, it has been steadily rising for most of the last two months.
The 1-day chart shows it has maintained a bullish structure since the massive Feb 5 selloff. As a result, it has since gained over 14%. The latest boost will see it surge even higher in the coming days. It may attempt to flip $0.324 again.
