The Tomochain (TOMO) price has been increasing since bouncing at the previous all-time high price on Feb. 22.
TOMO proceeded to reach a new all-time high price on March 7 and is currently in price discovery.
Long-Term Movement
On Feb. 24, the token reached an all-time high price of $2.69 and began a downward movement. The drop continued until it reached the $1.60 area, which previously acted as a resistance.
The token bounced as soon as it reached the area, a move preceded by hidden bullish divergence in the RSI. The MACD & Stochastic oscillator are also increasing, a sign that the trend is bullish.
Last week, it created a bullish engulfing candlestick and proceeded to reach a new all-time high price of $2.97 on March 7.
Wave Count For TOMO
Cryptocurrency trader @altstreetbet outlined a TOMO chart, stating that it could go all the way to $5.
The wave count suggests that it is in sub-wave five (orange) of a long-term wave three (white).
The most likely target is located between $3.12-$3.44. The target is found using an external retracement on sub-wave four and a fib projection on waves 1-3.
While the move may extend, reaching a high of $4.18, we cannot yet determine if that will occur.
TOMO/BTC
The pair has been moving upwards since Jan. 2, when it reached a low of 1966 satoshis.
Afterward, the token reclaimed the 3350 satoshi area and validated it as support.
Since then, it has been trading in a range between 3350 – 5800 satoshis, currently being very close to the latter.
While the stochastic oscillator has made a bullish cross, the RSI movement since the beginning of February is akin to consolidation.
Therefore breakout from this range would be required for the trend to be confirmed as bullish.
If one occurs, the token could rapidly increase to 10,500 satoshis due to the lack of resistance.
Conclusion
To conclude, TOMO/USD is likely in the final portion of its upward movement. While this increase may extend, TOMO/USD is likely to close to reaching its local top.
On the other hand, TOMO/BTC is still trading inside a range.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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