Markets
Toncoin (TON) Price Targets $10 Ahead of Crypto Market Bullish Resumption?
The cryptocurrency market has seen a growing bearish sentiment in the cryptocurrency space, with major tokens losing momentum. However, the price of Toncoin has seen a jump of over 2% in the last 24 hours. This highlights a strong bullish sentiment for the altcoin in the cryptocurrency space.
Furthermore, with the increasing volatility of the cryptocurrency market, the Price TON Reclaim the $10 mark and head towards a new all-time high (ATH) in the near future?
The price of TON is on the verge of a major turning point:
THE Toncholine has successfully retested its important support trendline, forming a symmetrical triangle pattern in the 1D time frame. Furthermore, with increased price volatility, this altcoin shows a high possibility of a bullish breakout.
TradingView: TON/USDT
With a trading price of $6,784 and a circulating supply of 2,516,682,453 TON tokens, Toncoin has successfully secured the position of the ninth largest cryptocurrency by market cap and is currently valued at $1.704 billion.
The Moving Average Convergence Divergence (MACD) has shown a steady decline in the red histogram, indicating an increase in buying pressure for the altcoin. Furthermore, with a high possibility of a bullish convergence, the indicator suggests a positive outlook this week.
Additionally, the SMA indicator has experienced a bullish convergence in the 1D time frame. This suggests a growing bullish sentiment for the Ton coin price in the crypto space.
Will Toncoin Price Return to $10 This August?
Suppose the market gains momentum, then the bulls will break out of the triangle pattern and prepare to test its resistance level of $7,680. Also, if the bulls maintain their power, TON price will head towards its upper level of $8.80 in the near future.
On the contrary, if the bears overpower the bulls, Toncoin price will test its important support level of $6,415. Furthermore, if the bears continue to dominate the market, the altcoin will fall towards its lower support level of $5,155.