Toncoin (TON) has been exhibiting a powerful bullish trend, achieving a historic high on June 15. Following this peak, the price saw a short-term decline due to profit-taking. Nonetheless, it has rebounded and appears poised to potentially set a new record.
Technical analysis shows that throughout 2023, Toncoin’s price stayed below $2.50. A breakout occurred in January 2024, driven by significant buying pressure.
Toncoin is currently trading at $8.05, marking a 4.05% increase for the day. Its market capitalization has reached $19.75 billion, making it the eighth-largest cryptocurrency. The 24-hour trading volume stands at $253.52 million, reflecting a 45% surge over the last day.
The price of TON has been on an upward trend, experiencing notable increases. Since March, it has consistently found support at the 200-day EMA and continued to climb. Although TON has not yet surpassed its previous swing high, it is on track to potentially set a new all-time high.
Over the past 10 days, Toncoin’s price has formed small candles. However, a strong bullish candle appeared on July 2. In recent months, the price has been rising, forming higher highs and higher lows. The chart structure indicates that bulls are aiming for new highs. If buyers maintain their positive outlook on TON, the price could reach new all-time highs and higher peaks.
On the other hand, if TON encounters resistance at its previous swing high, it could lead to a significant sell-off. A bearish candle at the top might trigger panic selling, as many investors might prefer to lock in their profits.
Toncoin has broken through key moving averages. The histogram has turned green, and the MACD has formed a golden cross, with the signal line staying above the zero line.
TON is currently in a strong bullish trend, with the potential to set new all-time highs. The price shows considerable strength, and its market capitalization has significantly increased, placing TON among the top 10 assets in the cryptocurrency market.
The recent bullish momentum, supported by positive price action and technical indicators such as the MACD and moving averages, suggests that TON has the potential for further gains.
Toncoin’s bullish momentum may challenge resistance levels at $10.00 and $12.00. The price could find support at $7.00 and $4.80.
