Toncoin’s price has surged by 7.52% in the past 24 hours and 24.35% in a week.
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Toncoin price will continue to surge
Toncoin price dropped from $6.79 to support around $5.2 in early August.
Subsequently, the bulls pushed the coin back to the $6.79 resistance level, forming a rounding bottom pattern. However, Toncoin price invalidated the bullish outlook of the rounding bottom as it dropped back to $6.0, completing a cup with handle pattern.
TON price bulls aiming for a rebound as traders use the pattern to form a bullish trend above the handle. The price of Toncoin is currently trading above the 50 Simple Moving Average (SMA) on the 4-hour chart as the bulls struggle to push the price above the 200 SMA to $6.69.
Moreover, the relative strength index (RSI) also surged into the overbought zone of 70 as buying activity intensified and is currently at 61.
The Moving Average Convergence Divergence (MACD) also supports the bullish outlook as it is trading above the zero line. Moreover, the blue MACD line recently crossed above the orange signal line.
If the bulls take advantage of the cup-with-handle pattern along with the RSI and MACD, the price of Toncoin could surge higher. In this case, traders might target $8.
However, bears controlling the price at this level could result in a retracement to the aforementioned support at $6, which could ease the downside pressure.
The price of Immutable X has risen by more than 8% in the past 24 hours as investors increase their portfolio’s exposure to Altcoin.
Unchanged X price successfully overcomes significant resistance
The price of Immutable X has broken above the major resistance level of $1.2290 over the past 24 hours. Soon after breaking above this point, the price of the cryptocurrency began to stabilize. This could be due to traders taking profits from the recent surge in IMX.
If the Immutable X price stays above $1.2290 over the next 12 hours, the Altcoin could have the technical foundation needed to continue climbing higher in the near term. The bulls could then push IMX to $1.3785.
However, if the Immutable X price closes the 4-hour candlestick chart below $1.2290 within the next 12 hours, it might invalidate the bullish thesis. In such a case, the Altcoin could drop to the next major support at $1.0830 within the next few days.
Immutable X Price Loses Technical Advantage as Traders Take Profits
From a technical perspective, IMX appears to be losing some bullish momentum and the price could soon enter a negative trend. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are starting to show bearish signs.
For the past few hours, the RSI reading has remained around 60. Although the indicator’s current reading above 50 can be seen as a sign of bullish strength, the neutral slope of the RSI line could be an early sign of an impending change in power between buyers and sellers.
The bullish phase of IMX also seems to be coming to an end. This is because the MACD line has been declining towards the MACD signal line over the past 24 hours. Traders may see the two lines intersecting, which indicates that the Immutable X price has exited its positive trend and entered a new bearish cycle. This could lead to a decline in the price of the cryptocurrency.
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