TOMO Approaches All-Time High Price and Nearly Breaks Out

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In Brief
  • TOMO is approaching an all-time high.

  • Technical indicators are relatively bullish.

  • TOMO/BTC has reclaimed the 3,600 satoshi support area.

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The Tomochain (TOMO) price is very close to breaking the previous all-time high price of $1.55, which it reached on Aug. 13, 2020.

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Both technical indicators and the wave count support the possibility that TOMO will continue increasing and eventually break out, reaching a new all-time high price in the process.

Similarly, the trend for the BTC pair is also bullish.

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TOMO Approaches All-Time High

TOMO has been moving upwards since it reached a low of $0.46 on Nov. 2020. So far, it traded at a high of $1.52, slightly below the all-time high price of $1.55, which it reached on Aug. 13, 2020.

Technical indicators are bullish and support a continuation of the upward move. Once it reaches a new all-time high, it should enter price discovery, and the rally could quickly turn parabolic.

Chart By TradingView

Future Movement

The shorter-term two-hour chart shows that TOMO has broken out from a descending resistance line and validated it as support afterward. Furthermore, it has reclaimed the $1.35 horizontal resistance area, which is now likely to act as support.

Technical indicators are also bullish, supporting the possibility that it will continue increasing with a potential new all-time high price.

Chart By TradingView

Wave Count

The most likely wave count suggests that TOMO is in wave 3 of a long-term bullish impulse, which began with the March 2020 lows. A likely target for the top of wave 3 is at $2.78, which would give waves 1:3 a 1:1.61 ratio.

The sub-wave count is in orange, indicating that the pair is in sub-wave 3, which will most likely target $1.93. The minor sub-wave count is shown in black.

Chart By TradingView

TOMO/BTC

Cryptocurrency trader @JJJCycles outlined a TOMO/BTC chart, stating that price action is still at the beginning of an upward cycle.

Source: Twitter

The weekly chart shows that after initially breaking down below the 3,600 satoshi resistance area, TOMO has now reclaimed it and is moving upwards.

This is a bullish sign that suggests that an upward move is likely. Technical indicators are also bullish, further supporting this possibility. If it continues to rally, the next closest resistance areas would be at 6,350 and 7,750 satoshis, respectively.

Chart By TradingView

Conclusion

To conclude, TOMO/USD should continue increasing and break out, reaching a new all-time high price in the process.

The reclaim of the 3,600 satoshi area also suggests a bullish trend for TOMO/BTC, indicating that further increases are likely in store.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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