news 
Toncoin: Can TON extend its 20% surge and break past $7?
In recent developments, the cryptocurrency market has seen a significant shift in momentum, with some assets experiencing substantial price growth. One such asset is Toncoin (TON), which has surged by nearly 20% in a short span of time. This impressive upswing has left many investors wondering if this asset can continue its upward trajectory and break past the $7 mark.
While it’s difficult to predict the future with certainty, several key indicators suggest that the momentum surrounding TON may not be enough to propel it beyond the $7 resistance zone in the short term. Firstly, we must consider the liquidation heatmap from the past month, which highlighted a high concentration of liquidation levels between $5.05 and $5.15. This data point indicates that there are significant sell walls present at this level, making it increasingly difficult for TON to break through.
Furthermore, when examining the daily chart, we can see that while the relative strength index (RSI) remains in a bullish zone, its momentum has slowed down significantly from just one week ago. This could be an indication that the market is experiencing some fatigue, and as such, it may not be capable of extending this 20% surge.
Additionally, the presence of short-term bearish sentiment in the market can also impact TON’s prospects for breaking past $7. In this scenario, a significant drop in Bitcoin’s price could lead to a corresponding decrease in value for many altcoins, including TON.
However, it is important to note that there are some encouraging signs for TON bulls. The presence of a liquidity pocket around $5 has helped prevent a collapse back down to those levels, and the 2-week liquidation heatmap highlights the potential for the asset to reach $7 in the short term.
Therefore, while it’s difficult to say with certainty whether TON will be able to extend its current surge and break past the $7 mark, these indicators suggest that there may be some room for growth in the short term.
Source: ambcrypto.com
