TomoChain (TOMO) reaches the key level again after the outbreak

TomoChain (TOMO) broke descending resistance line but was rejected from the resistance area of ​​$ 2.59.

Both BTC and USD pairs are bullish, making higher highs and higher lows.

TOMO explodes

Tomochain has been moving along a descending resistance line since April 10th until it hit just $ 0.94 on May 19th. The price has risen since then.

On July 2nd, TOMO broke the descending resistance line and shortly thereafter retook the $ 1.96 area.

So far, it has hit a high of $ 2.51 on July 10th.

While the $ 1.96 area is expected to be support, the $ 2.59 area (0.618 fib retracement level) is expected to act as resistance.

Technical indicators are increasing. The RSI has moved above 50, the stochastic oscillator has created a bullish cross and the MACD is in positive territory.

Hence, the trend is likely to be bullish. A break above the $ 2.59 resistance area may trigger a move towards the $ 3.60 high.

Daily TOMO / USDT Chart | Source: TradingView

Short-term movement động

The 2-hour chart shows that TOMO has been moving along a rising support line since June 26th. It is currently trading just above the support line.

As long as it continues trading above this line, the price is expected to move higher and attempt another breakout above $ 2.59.

Conversely, a closing price below the support line can lead the price towards the support area of ​​$ 1.73 to $ 1.88.

TOMO / USDT 2-hour chart | Source: TradingView

Trader @Altcoinsherpa tweeted a TOMO chart saying that price is constantly making higher lows and higher highs. As can be seen above, these higher lows have created the ascending support line outlined earlier.

TOMO / BTC

The TOMO / BTC pair looks clearly bullish.

After a period of 253 days of consolidation below the 5,800 Satoshi zone, it finally erupted on July 6th. So far it has peaked at 7,435 satoshis.

Similar to the USD pair, all technical indicators are bullish. The MACD is in positive territory, the RSI is above 70 and the stochastic oscillator has created a bullish cross.

The next resistance is at 10,500 satoshis.

Daily TOMO / BTC chart | Source: TradingView

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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