What’s Next for TOMO After All-Time High Price?

Share Article
In Brief
  • TOMO is trading above support at $1.50.

  • TOMO is likely in wave three of a bullish impulse.

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

  • promo

    Join our Telegram Group and get trading signals, a free trading course and daily communication with crypto fans!

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

On Feb.5, Tomochain (TOMO) reached a new all-time high price. It has, however, decreased slightly since.

Sponsored



Sponsored

The drop served to validate the previous resistance area as support, and TOMO should resume its upward movement towards $2.20 and possibly higher.

All-Time High

On Feb. 4, the price broke out above the previous all-time high resistance area and reached an all-time high of $1.89 the next day.

Sponsored



Sponsored

Currently, it has returned and validated the previous breakdown level at $1.50 (green arrow). It is now in the process of moving upwards again.

Technical indicators are bullish and support the continuation of the upward movement. A bullish cross would confirm this in the Stochastic Oscillator, which will likely occur soon.

Chart By TradingView

TOMO Wave Count

The wave count suggests that TOMO is in wave three (white) of a bullish impulse that began with the Mar. 2020 lows. Wave three has extended, and the most likely target for the top of the move is between $2.45-$2.75, using Fib extensions on both wave one and sub-wave one.

The sub-wave count is in orange, indicating that TOMO is in an extended sub-wave three.

Chart By TradingView

TOMO/BTC

Cryptocurrency trader @CryptoTony_ outlined a TOMO/BTC chart, showing an inverted head and shoulders pattern. It shows that it will likely go to 7,000 and possibly 12,000 satoshis.

Source: Twitter

At the end of Dec. 2020, TOMO fell below the 3,400 support area, which has been in place for more than a year. It reached an all-time low price of 1,966 satoshis on Jan. 2, 2021.

However, it reclaimed the area shortly afterward and has been increasing since. Technical indicators are also bullish, supporting the continuation of the upward move.

If it continues to move upwards, the closest resistance area is near 5,800 satoshis.

Chart By TradingView

Conclusion

To conclude, TOMO/USD should continue its ascent into price discovery and reach a new all-time high price in the process.

TOMO/BTC will likely reach the closest resistance area at 5,800 satoshis and possibly break out.

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.
Sponsored
Share Article

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.

Follow Author

AKTIO Coin Launchpad Pre-Sales with 12.5% Bonus

Discover

Limited offer! Learn to mine and trade crypto today for free

Go