Toncoin has recently demonstrated remarkable resilience amidst market volatility, bouncing back over 20% from its 100-day EMA mark in just a few sessions. This surge, driven by strong buying pressure, has positioned Toncoin on the verge of surpassing its all-time high (ATH) of $8.27. Despite broader market selloffs, Toncoin's price has remained in an upward trajectory, suggesting a potential bullish reversal. With the current price hovering around $7.58 and showing an intraday surge of 13.36%, the question arises: could Toncoin reach the $10 mark this month? Let's delve into the factors fueling this bullish momentum and what lies ahead for Toncoin.
Toncoin’s Recent Performance: A Bullish Reversal in the Making?
Toncoin exhibited a long rejection wick candlestick and bounced over 20% from its 100-day EMA mark in the last few sessions. By reaching its monthly low mark of $6.30, the sellers failed to breach the region, and buyers entered aggressively. This sharp move exhibited signs of a bullish reversal and signified that TON was cooking something bigger at press time. Its previous ATH mark of $8.27 was on the brink of being surpassed.
Amidst the market’s bearish move and broader selloff, the TON price stayed in the upside region and guided the bullish projections. Sellers attempted to initiate a breakdown but failed, and a fakeout was observed. The Toncoin price retained the 20-day EMA mark and was sprinting toward the $8 mark. Until the support mark of $6 remains intact, the bullish projections can survive.
At press time, Toncoin was trading at $7.58 with an intraday surge of 13.36%, reflecting neutrality on the charts. It has a monthly return ratio of -1.90% and 1.20% yearly, reflecting long consolidation. The pair of TON/BTC was at 0.000134 BTC, and the market cap was $18.65 Billion at press time. When writing, analysts were neutral and suggested that the TON price may register a breakout and cross its ATH mark soon.
Could Toncoin (TON) Reach the $10 Mark This Month?
Fueled by the buying pressure, the buyers might stretch the bullish rally toward the $10 mark once the coin exceeds its ATH mark. The price action guides consistent higher high swings and guides the buyer accumulation.
Technical Indicators: RSI and MACD
The Relative Strength Index (RSI) curve stands close to the midline region and guides a positive crossover on the chart. Similarly, the MACD indicator displayed green bars on the histogram, indicating bullish momentum.
Price Volatility and Weighted Sentiment Data Witnessed a Rise
The weighted sentiment data witnessed a positive stance, as it stays above the midline region, noted at the 0.458 mark. Its price volatility data revealed a sharp spike, soaring over 54% to the 0.037 mark, highlighting the speculative move in the overnight session. Per the Fib levels, the TON price stands above the 61.8% level and is eyeing to retain the 78.6% mark.
Futures Open Interest Data Revealed Sharp Long Additions
Since March 2024, the buyers have persisted in adding severe longs in the TON, which led to the price rally. The open interest data revealed a rise of over 9.30% to $301.23 Million in the last 24 hours.
Sharp Surge in TVL and Market Cap
Since 2024, Toncoin has witnessed massive growth in its Total Value Locked (TVL), reaching the cliff of $691.02 Million. Moreover, it took over Dogecoin and became the eighth-largest cryptocurrency by market cap. This sharp surge in the values represents the investors’ confidence and acceptability for the Toncoin. Fueled by the sharp surge in whale buying activity, massive inflows in the coin were noted, which skyrocketed the price in the past few weeks.
Immediate Support and Resistance Levels
The immediate support levels for the Toncoin are $7.20 and $6.70, whereas the key upside hurdle is around $8.40, followed by $10.00. The ability to maintain these support levels will be crucial for sustaining the bullish momentum.
Conclusion
At the time of writing, the TON price retained the 20-day EMA mark and was eyeing to cross its ATH mark in the upcoming sessions. The trend was intact, and buyers showed dominance, implying that further bullish waves could be seen ahead. The potential for Toncoin to reach the $10 mark this month appears promising, given the current market dynamics and technical indicators.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Toncoin's recent performance amidst market turmoil has caught the attention of many investors and analysts. The cryptocurrency's ability to bounce back from its 100-day EMA mark and maintain an upward trajectory despite broader market selloffs is a testament to its resilience and potential for future growth. As we continue to monitor Toncoin's progress, the possibility of reaching the $10 mark this month remains a key point of interest for the crypto community.
