Toncoin Price Nears All-Time High — 10% Increase To New ATH But Will It Have The Strength?

Key Takeaways

• TON reached a new high of $8.31.
• Price fluctuated around $7.60 after a sharp downturn.
• Potential for a bullish uptrend or corrective phase ahead.

Toncoin (TON) has experienced significant price spike today, nearing its all-time high of $8.30. After peaking at $7.70 in April and enduring a sharp downturn, TON has shown resilience, climbing to a new high of $8.31. However, the journey hasn’t been smooth, with the price currently fluctuating around $7.60. 

As TON faces horizontal resistance and forms an ascending triangle, the critical question remains: does Toncoin have the strength to sustain this upward momentum and break through to even higher levels?

TON Price Analysis 

TON peaked on April 12 at $7.70 before dropping 40% to $4.60 by May 1. The 4-hour chart analysis showed the Relative Strength Index (RSI) falling to 36%, indicating oversold conditions and suggesting a potential reversal.

On June 6, TON revisited its all-time high for the third time but faced horizontal resistance. On June 15, it finally broke out, reaching a new all-time high of $8.31, only to experience a sharp downturn to $6.80 on June 19, breaking its ascending support. 

Since May 1, the price action has formed an ascending triangle with horizontal resistance at $7.50, facing upward pressure. The June 15 high was a fakeout, lacking the strength to stay above its horizontal resistance. However, the recovery from June 19 invalidated the breakout to the downside as well. 

TON could follow two paths: start a significant uptrend from the May 1 rise or enter a more substantial corrective phase, potentially dropping below the May 1 levels.

A five-wave structure from May 1 suggests a bullish perspective, marking the first sub-wave of a larger uptrend. The decline to ascending support on June 11 might have been another test before a rise. A bearish trend could emerge if TON breaks below this ascending support.

A breakout above the current level would signal the beginning of the next bull phase, targeting $10 in the short term. If this breakout occurs, further gains could push TON beyond $10 in its subsequent rally.

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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