Toncoin Breakout Rally Eyes $10 Next Week
The post Toncoin Breakout Rally Eyes $10 Next Week appeared first on Coinpedia Fintech News
Despite a drop in Bitcoin prices, leading to a drop in the altcoins sector, certain high performers are rising against the tide. One such performer is Toncoin, trading at its all-time highest levels.
With a breakout rally and a long-standing uptrend with higher high formations, the Toncoin witnesses a rise in trend momentum. Will the ongoing bull run in the TON price surpass $10 this week? Let’s find out.
Toncoin Price PerformanceWith a conservative growth of 6% in the last 30 days, the Toncoin price action shows a bullish trend continuation after a consolidation patch. Further, with a market cap of $18.50 billion, the altcoin is rising ranks in the crypto world and ranks at #9.
In the 1D chart, the bullish outcome of a triangle pattern leads to a breakout rally in Toncoin and reaches the $8 mark. Further, with a post-retest reversal, the TON price forms a triple white soldier pattern and a rise of 12% within 72 hours.
Currently, the TON price trades at $7.89 with an intraday growth of 1.54% and reveals a continuous rise in bullish momentum. As the trend momentum increases, the Toncoin may soon approach the $10 psychological mark.
Technical indicators:
EMA: The bullish trend in the 50D and 200D EMA’s underlying sentiments are positive.
MACD: By avoiding a bearish crossover, the MACD and signal lines maintain a positive flow with a rise in bullish histograms.
Will TON Price Hit $10?In the daily chart, the trend-based Fibonacci retracement over the bull run in March, the uptrend breaks above the 50% level. This breakout rally increases the possibility of a bull run in the Toncoin. As per the Fibonacci levels, the uptrend could scale to the $10.05 mark next week, if the momentum sustains.
Further, with the post-retest rally picking up pace, a potential broader market recovery next week will pump the altcoin. Hence, the uptrend could continue above the $10 milestone in June.