Recent analysis indicates that Toncoin (TON) may reach a new all-time high (ATH) if it achieves an 8% upswing this weekend. Following Bitcoin’s recent highs above $62,000, the entire cryptocurrency market has become optimistic. Traders are hopeful after a rebound, but bears have hindered the rally’s progress.
Toncoin’s Resilience
Despite the bearish pressure, Toncoin demonstrates notable strength. Currently, the token stands around $6.19, having reclaimed its position within an ascending price range. A 20% increase could set a new ATH above the previous high of $8.25, reached in June 2024.
Market Capitalization and Sentiment
The global cryptocurrency market capitalization has risen over 6%, now exceeding $2.14 trillion. This increase has fueled bullish sentiment among altcoins like Toncoin. Although trading volume has surged, suggesting potential downward pressure, technical indicators show that Toncoin may maintain an upward trend.
Technical Indicators Favor a Bullish Trend
The chart illustrates renewed hope for an extended ascending trend as Toncoin enters an ascending parallel channel. The Moving Average Convergence Divergence (MACD) indicates a decrease in selling volume, with levels nearing a bullish crossover. To maintain a healthy upswing, the TON price must reclaim levels above the Gaussian channel’s support. If the trend sustains and heads toward the channel’s resistance, the indicator could turn bullish.
Resistance Levels Key to Bullish Run
As Toncoin eyes a fresh bullish run, it must overcome key resistance levels to trigger a steep upswing. The price has struggled to break above $7.6 as bears continue to defend these levels. However, bullish momentum remains strong, thanks to the favorable volume. If Toncoin can sustain this momentum and breach the resistance, it could set the stage for a significant price rally.
In conclusion, while the market faces some downward pressure, Toncoin’s resilience and favorable technical indicators suggest a potential breakout. A sustained upswing could propel Toncoin toward a new ATH, provided it overcomes key resistance levels and maintains its bullish momentum.
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