The Toncoin price jumped more than 8% over the past 24 hours to trade at $2.65 as of 9:20 am EST as investors scramble to ride the altcoin’s positive momentum.
This sharp increase in the Toncoin price added to the altcoin’s positive weekly performance, pushing it deeper into the green zone with a rise of 21%.
The surge in the cryptocurency’s price also resulted in Toncoin claiming a spot on CoinMarketCap’s top 10 list.
The Toncoin Price Could Overcome A Key Resistance Level
Daily chart for the Toncoin price (Source: TradingView)
The Toncoin price is attempting a challenge at the $2.60 threshold. Should it close today’s trading session above this mark, then it may have a solid foundation to continue climbing.
In this bullish scenario, the Toncoin price could rise to the subsequent resistance level at $2.9135 in the following few days. With enough pressure from buyers, the altcoin’s price could also flip this barrier into support, before potentially reaching as high as $3.2745 in the short term.
This bullish thesis could be invalidated if the Toncoin price closes today’s daily candle below $2.60 – exposing it to the risk of dropping to the next key support level.
Traders may begin to cash out their profits from Toncoin’s latest rally if it fails to close above $2.60 today. The potential sell pressure could then force the Toncoin price to as low as $2.3265 through the course of the following week.
Toncoin Price: Likely To Continue Its Climb
Technical indicators on the altcoin’s chart did, however, favor a positive short-term outlook. Firstly, the daily Moving Average Convergence Divergence (MACD) line was breaking bullishly away above the MACD Signal line. This suggested that the Toncoin price may continue to rise in the next 24-48 hours given the high probability that its positive trend could continue.
Another indicator that traders and investors will want to take note of is the daily Relative Strength Index (RSI). With the RSI on Toncoin’s daily chart approaching overbought territory, the cryptocurrency’s value may continue to rise in the next couple of days before undergoing a slight correction.
This potential pull back in the Toncoin price may only take place after the next 48 hours, however, as the positive slope of the RSI line signals that bulls still hold the reins.
As traders look for clues as to which direction the Toncoin price will move in the next few days, capital is flowing into Bitcoin ETF Token through its presale.
Rewards Amplified by the Pending Approval Of A Spot Bitcoin ETF
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Bitcoin ETF Token’s Clever Link to Bitcoin ETFs
Although not an ETF itself, Bitcoin ETF Token is perfectly positioned to benefit from the evolving spot Bitcoin ETF market. Given the array of spot Bitcoin ETFs filed by numerous reputable asset managers that are pending approval, a substantial capital injection is expected to storm into the market soon.
How do you foresee this ETF influencing the dynamics of the #CryptoCurrency market as a whole?
— BTCETF_Token (@BTCETF_Token) November 7, 2023
Once the first spot Bitcoin ETF is approved, a tsunami of liquidity will likely launch prices in the market into the stratosphere.
Bitcoin ETF Token will most likely be one of the cryptocurrencies that will attract a vast amount of this capital and generate substantial returns for investors given its well thought out play on the phrase “Bitcoin ETF” in its name.
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