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 onBitcoin’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.
Discover why investors are flocking to #MoonBagstaking rewards, offering promising returns amidst bearish signals from…
Crypto market sees $295M liquidation; #Bitcoin hits $57.8K low, #Ether faces $71M in losses, optimism…
Crypto analysts signal potential bottom for Bitcoin ($BTC) as it touches the 200-day EMA for…
Sunny Lu to showcase @vechainofficial's Web3 advancements at Hack Season Brussels! The Blockchain-Powered Digital Passport…
Uncover #BlockDAG's cutting-edge crypto solutions, outperforming #SolanaMemecoins and navigating #XRP's legal issues, with prospects of…
Dive into #BlockDAG’s soaring potential and predictions of hitting $10 & $30 after a 1300%…