Toncoin Price Surge: Will it Hit a New All-time High Soon?
As the Bitcoin Halving approaches closer, the crypto industry is experiencing a mixed sentiment, leading to increased price volatility in the cryptocurrency market. While top altcoins are displaying a neutral trend, there has been a noticeable increase in the number of HODLers in the crypto space.
One altcoin that has been making waves recently is Toncoin, which achieved a new all-time high (ATH) of $7.65 yesterday. However, after reaching this milestone, the TON token experienced a correction of 5.65% within the past day.
The TON price had been trading in a closed range between $2.010 and $2.750 for the past four months, showing a neutral trend. However, in March, the bulls gained momentum and broke out of the resistance level, causing the Toncoin to surge by 111.76% in valuation.
Following a period of sideways trading, the bulls once again gained momentum and broke out of the resistance level, signaling an increase in buying pressure in the crypto space. The TON token faced resistance at $5.50 but eventually broke through, leading to a 44.5% jump in price.
The technical indicator, MACD, is showing a constant green histogram, indicating a strong bullish sentiment for Toncoin. The averages are also on the rise, suggesting a positive price action in the coming week.
If the market can hold the price above the support level of $7, the bulls may test the resistance level of $7.750 in the upcoming week. Maintaining this level could pave the way for Toncoin to attempt to reach $8.50 this month. However, a bearish trend reversal could push the price down towards the lower support level of $5.50.
Overall, the crypto industry is buzzing with excitement as Toncoin continues to make significant strides. Will the TON price hit $10 soon? Only time will tell.
