Toncoin Reaches New All-Time High Amid Bullish Momentum

June 7, 2024 at 03:37 AM GST updated: June 7, 2024 at 02:57 AM 2 mins read News

Toncoin reaches a new all-time high of $7.87, indicating significant market growth.
Technical analysis suggests bullish patterns such as the ascending triangle and Cup and Handle formation.
Market experts predict a potential price target of $11.80 if Toncoin breaks above the $8.00 resistance level.

Toncoin (TON) recently achieved a new all-time high, surpassing its previous peak to reach $7.87.

This milestone followed a period of consolidation around $6.25, after which Toncoin surged by 25.20%, signaling strong bullish momentum. A key technical pattern, the ascending triangle, has emerged on Toncoin’s price chart, indicating a continuation of the bullish trend.

The upper trendline of this triangle is currently acting as resistance at $8.00, marking a crucial potential breakout point. Should Toncoin break through this resistance, it could pave the way for significant price gains.

Adding to the bullish outlook is the Cup and Handle pattern formed by Toncoin’s price action from mid-April to early June. This classic pattern further supports the likelihood of an upward movement, reinforcing positive sentiment among traders and analysts.

Market experts predict that if Toncoin can decisively break above the $8.00 resistance level, it could target a price of $11.80. This optimistic projection is based on the strength of the current technical patterns and the ongoing positive market sentiment.

However, analysts also caution that if bearish forces take control, Toncoin might retest its lower support level at $6.20. This level is critical for maintaining the upward trend and could serve as a key point for traders to watch. In summary, Toncoin’s recent performance and the formation of bullish patterns suggest the potential for further gains, with critical levels providing clear markers for traders to gauge future price movements.