Toncoin Eyes Bullish Continuation: Support Trendline Holds the Key

July 1, 2024 at 12:55 AM GST updated: July 1, 2024 at 12:57 AM 2 mins read News

Toncoin rose 22.5% in June, reaching $7.68 due to increased network activity and Play-to-Earn games on Telegram.
Whales bought over 45 million TON worth $346.5 million, showing strong investor confidence.
Toncoin aims to surpass $7.86 resistance, with potential targets at $9 and $10.5, but risks a 4-5% drop if supply pressure continues.

Toncoin’s (TON) bullish trend is expected to persist, provided the support trendline on its daily chart remains unbroken. Over the weekend, the cryptocurrency market maintained a neutral stance, showing no decisive moves from either buyers or sellers.

Read CRYPTONEWSLAND on

google news

Bitcoin’s consolidation above the $60,000 mark has resulted in most major altcoins displaying sluggish price actions throughout the week, awaiting a stronger reversal signal. Amidst this market uncertainty, Toncoin stands out with a slightly positive movement, eyeing a breakout above the $7.6 resistance to regain its bullish momentum.

Despite a market downturn in June, Toncoin managed to sustain its bullish momentum, climbing from a monthly low of $6.275 to its current trading price of $7.68, marking a 22.5% increase. This rally has been supported by a surge in network activity, wider adoption, and the introduction of Play-to-Earn games on Telegram, all of which have significantly contributed to its recovery.

A prominent trader recently highlighted a surge in investments into Toncoin, revealing that whales have accumulated over 45 million TON, valued at approximately $346.5 million, over the past week. This significant accumulation underscores strong investor confidence in the future potential of Toncoin.

With a modest intraday gain of 1.4%, Toncoin is gearing up to challenge the immediate resistance at $7.86. If buyers manage to turn this overhead resistance into support, Toncoin could potentially surpass the $8.28 mark, with targets set at $9 and eventually $10.5. Conversely, if market supply pressure continues, Toncoin’s price could drop by 4-5%, seeking support at the ascending trendline established in mid-March.