Key Summary:
Toncoin price is attempting to rise above the $6.50 resistance level.
TON may soon break out of the important contracting triangle resistance of $7.20 on the daily chart.
Once the price settles above the $7.20 resistance, there is a possibility of a fresh increase.

Toncoin Price Analysis June

New Delhi (CoinChapter.com) - Toncoin price is rising while Bitcoin is slowly declining. The current price action indicates a high probability of breaking above the $7.20 and $7.50 resistance levels.

Toncoin Price Regaining Strength

Toncoin price has remained stable over the past few days and is trading above the $5.80 and $6.00 support areas. TON has been rising slowly and remains well supported above the 50-day simple moving average (blue line). It has even outperformed Bitcoin and Ethereum over the past 2-3 trading days.

The price formed the last swing low at $4.62 and then started a considerable increase. The key decline in price from the $8.80 swing high to $4.62 low passed through the 50% Fib Retracement level.

TON price rose by more than 10% today, while Bitcoin and Ethereum are struggling to start a new upswing. Toncoin continues to grow and expand. The most recent example is Hamster Kombat. This is a Tap-2-Earn management simulation game that plans to launch its hamster ecosystem on the TON network.

The price is now approaching an important resistance level of $7.20. There is also a significant contracting triangle resistance forming on the daily chart with resistance at $7.20.

The triangle resistance coincides with the 61.8% Fib retracement level of the key decline from the $8.80 swing high to $4.62 low. A clear break above the $7.20 resistance could push the price towards the $7.80 resistance.

If the bulls push the price above $7.80, Toncoin can easily move up to the $8.80 resistance. Further gains could open the way to $9.50.

Conversely, TON might start a downside correction from the $7.20 resistance. An immediate support is near $6.65. The first important support is near $6.00 and the 50-day simple moving average (blue line).

The main support is now located at the $5.60 area. If there is a close below the $5.60 support, it could initiate a bear wave and the price could decline towards the $4.60 support area.

Overall, the Toncoin price is rising, and the trading sentiment is bullish. If the price breaks above $7.20, TON could move up to $7.80 or even $8.80. Conversely, a pullback to the $6.00 support is possible.