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

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

Last Updated June 25, 2024 2:21 PM
Nikola Lazic
Last Updated June 25, 2024 2:21 PM

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.

TON
TONUSD | Credit: Nikola Lazic/Tradinview

 

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.

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
Was this Article helpful? Yes No