Exclusive TOMO Regains Footing and Reaches New All-Time High

Share Article
In Brief
  • TOMO has re-tested the $2.66 previous all-time high area.

  • TOMO should continue rallying in the short term.

  • TOMO/BTC has reclaimed the 3,400 satoshi support area.

  • promo

    Want to learn how to trade? Get a beginners guide from _BeInCrypto Academy_ now!

The Trust Project is an international consortium of news organizations building standards of transparency.

The Tomochain (TOMO) price decreased considerably on Feb. 21-22 but regained all of its losses in the following two days to reach an all-time high price of $2.66 on Feb. 24.



While the trend is still bullish, TOMO is likely approaching the top of its current upward movement.

Current Movement

On Feb. 13, TOMO reached a high of $2.48 and began a downward move shortly afterward, culminating with a low of $1.44 on Feb. 22. 



However, the decrease only served to validate the previous all-time high area of $1.50 as support. It then bounced. So far, TOMO has reached a new all-time high price of $2.66. 

Technical indicators are bullish since the RSI has formed hidden bullish divergence and is increasing alongside the MACD. A bullish cross in the Stochastic Oscillator would confirm the bullish trend.

Chart By TradingView

The short-term chart supports this outlook since it shows a breakout from a descending resistance line and its subsequent validation as support. 

Since TOMO has already moved above the minor $2.40 resistance area, it should continue increasing, a possibility also supported by the bullish readings from the MACD and RSI.

Chart By TradingView

Wave Count

The wave count suggests that TOMO is in sub-wave five (orange) of a long-term wave three (white), which began on Nov. 5, 2020.

It has nearly reached a potential target for the top of the upward movement between $2.69-$2.75. 

While the current move may extend towards the next likely target at $3.47, it seems as if it’s approaching the top of its upward movement.

Chart By TradingView

TOMO/BTC

Cryptocurrency trader @AltcoinSherpa outlined a TOMO/BTC chart, which shows a reclaim of a long-term support level at 3,400 satoshis.

Source: Twitter

Since the tweet, TOMO has validated the level again and has begun to move upwards. While there is a resistance area at 6,000 satoshis, the path to further rallies is clear once it manages to clear this level.

Technical indicators are bullish and support the possibility that it reaches the 6,000 area and eventually breaks out.

TOMO Chart By TradingView

Conclusion

To conclude, while the trend is still bullish, the upward move is likely nearing its conclusion. Meanwhile, due to the reclaim of the 3,400 satoshi area, the TOMO/BTC trend also appears to be bullish.

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.
Share Article

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

Follow Author

Trade with the Best Crypto Signals - guaranteed profits with over 70% accuracy

Join now

Want to learn how to trade? Get a beginners guide from BeInCrypto Academy!

Learn now

Bybit Bonus Bash. $1,000 Bonus to be Won!

Join now