Toncoin (TON) has shown significant bullish momentum, recently breaking above the 100-day Simple Moving Average (SMA) on the 4-hour chart. This crucial breakout indicates strong buying interest, setting the stage for a potential rally toward the $7.6 resistance level.

Market Performance and Technical Indicators

As of the latest data, Toncoin was trading at approximately $6.50, reflecting an increase of over 3.55%. The asset’s market capitalization has exceeded $16 billion, with a trading volume surpassing $960 million, marking a 36% surge in just 24 hours. The breach above the 100-day SMA on the 4-hour chart suggests that the bulls are in control, driving the price higher.

TON trending above 100-day SMA | Source: TONUSDT on Tradingview.com

The 4-hour Relative Strength Index (RSI) analysis supports this bullish sentiment, with the RSI signal line climbing above 50% and approaching the overbought zone near 70%. This indicates increasing buying pressure, which could lead to further upward movement for Toncoin.

Potential Scenarios: Will Toncoin Reach $7.6 or Face Resistance?

If Toncoin successfully reaches and surpasses the $7.6 resistance level, it could continue its upward trajectory, potentially testing its all-time high of $8.30. A breakthrough above this mark might even set a new all-time high for the cryptocurrency.

TON forms bullish momentum candlesticks | Source: TONUSDT on Tradingview.com

However, if Toncoin faces resistance at the $7.6 level, a decline could follow, with the price potentially dropping toward the $4.6 support mark. A breach below this support could lead to further declines, testing the $3.3 support level and possibly falling to lower support ranges on the chart.

In conclusion, Toncoin’s recent rally above the 100-day SMA on the 4-hour chart suggests strong bullish momentum, but the coming days will determine whether it can sustain this momentum and reach new highs or if it will face a pullback.