) is on target to end the week in the red, but a positive sign for the bulls is that the price has recovered from the intra-week low of about $61,000 to over $65,000. This shows that traders remain long-term bullish and are buying the dips.
On the upside, a break and close above $69,000 could open the doors for a retest of $73,777. If this resistance is scaled, the pair may ascend to $80,000.The 4-hour chart shows the bears are capping the relief rallies at the 50-SMA. Hence, this becomes an important level to watch out for. If bulls push the price above the 50-SMA, it will suggest that the bearish pressure could be reducing. The pair may then rise to $69,000, which is likely to act as a major hurdle.
The first sign of weakness will be a break and close below the 20-EMA. That may open the doors for a fall to $0.14.Toncoin surged above the $4.60 resistance on March 23, indicating the start of the next leg of the uptrend.The upsloping moving averages and the RSI in the overbought zone signal that buyers are in command.
Contrary to this assumption, if the price turns down and skids below $3.40, it will signal that the markets have rejected the higher levels. The pair may slump to the 20-day EMA . A bounce off this level will suggest that the uptrend remains intact, but a break below the 20-day EMA could sink the pair to the 50-day SMA .The 4-hour chart shows that the bulls are buying the dips to the 20-EMA, signaling that the sentiment remains positive. There is a minor resistance at $3.
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