As the Bitcoin Halving approaches closer, the crypto industry continues to display a mixed sentiment, indicating increased price volatility in the cryptocurrency market. Moreover, top altcoins constantly display a neutral trend, highlighting an increase in the number of HODLers in the crypto space.
On the other hand, the Toncoin price achieved a new all-time high (ATH) of $7.65 yesterday. However, after recording the high, the TON token recorded a correction of 5.65% within the past day.
Toncoin Price To Hit A New All-time High This Week?
The TON price had displayed a neutral trend by trading in a closed range between $2.010 and $2.750 for the past four months. Following this, the bulls gained momentum during March and broke out of the resistance level, resulting in the Toncoin jumping 111.76% in valuation.
After this, the altcoin traded sideways for a while. As the volatility in the market grew, the bulls regained momentum and broke out of the resistance level, indicating an increase in the buying pressure in the crypto space.
After recording a jump of 45.31%, the TON token faced restriction at the resistance level of $5.50. Following this, the price recorded repeated rejection while breaking out of the upper level and after multiple failed attempts, the token successfully broke out of its resistance.
Since then, the price has recorded a jump of 44.5% and continues to trade under a strong bullish influence.
The technical indicator, MACD, shows a constant green histogram, highlighting a strong bullish sentiment for the altcoin in the cryptocurrency industry. Furthermore, the averages display a significant rise in the chart, suggesting a positive price action this week.
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Will TON Price Hit $10 Soon?
If the market holds the price above the support level of $7, the bulls will regain momentum and test its resistance level of $7.750 by the upcoming week. Further, if the bulls maintain the price at that level, it will set the stage for Toncoin to attempt to test its upper resistance level of $8.50 this month.
Negatively, a bearish trend reversal may pull the TON price toward its lower support level of $5.50 in the coming time.
Read More : Toncoin (TON) Price Soars To New All-Time High! Here’s What’s Next
