TomoChain Price Analysis: Will TOMO Retest Its All-Time High of $2.00 With Current Bullish Move?

TomoChain Is Testing Crucial Mark of $2.00 Amid Bullish Trend
  • Tomochain current bullish move is now looking in the potential to retest its ATH placed around $2.00 as the monthly gain almost reaches 50.00%
  • The TOMO/ETH also witnessed an incline of 4.00% in a month while currently standing at 0.001034 ETH
Source: TOMO/USDT on Tradingview

On the weekly timeframe, Tomochain has been able to maintain its rising channel pattern while facing major resistance at $2.00. The resistance level has forced the price of the cryptocurrency to form a falling channel pattern from the past couple of trading sessions. On the positive side, the price levels are testing the strong support line which is now placed around $1.70. A positive breakout from the bearish pattern can provide a signal that TomoChain will be targeting the crucial resistance of $2.00 in the upcoming trading sessions. The CMP is placed at $1.73 with an overall gain of 6.27% over the day. The market capitalization has witnessed an incline of 4.69% while the 24-hour volume traded faces a decline of 34.75%. 

Source: TOMO/USDT on Tradingview

On the monthly timeframe, the cryptocurrency has already given a positive breakout from the symmetrical triangle forming a bullish pennant. The bulls are also sustaining the positive move with the help of a significant support level of $1.70. If the rally continues in the upcoming market sessions without facing any significant retracement, the targets initially will be set around the resistance mark of $2.00 and later at $2.40 breaking above its All-Time high.   

Conclusion 

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TomoChain has been moving on a bullish trend for the past month and the price levels are now close to its ATH of $2.30. The price levels are still facing significant resistance at $2.00, however, the support level of $1.70 is still keeping the bullish move intact. Simultaneous testing of the resistance level might provide penetration to the new bullish regime. 

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Krystian Bielanskihttp://www.thecoinrepublic.com
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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