The crypto market has recorded increased bearish sentiment in the crypto space with top tokens losing momentum. However, the Toncoin price has recorded a jump of over 2% within the past 24 hours. This highlights a strong bullish sentiment for the altcoin in the crypto space.
Moreover, with the rising volatility in the crypto market, will the TON price reclaim the $10 mark and head toward a new all-time high (ATH) during the coming time?
TON Price On The Verge Of A Major Breakout:
The Toncoin has successfully retested its important support trendline, resulting in it forming a symmetric triangle pattern in the 1D time frame. Furthermore, with increased price volatility, this altcoin displays a high possibility of a bullish breakout.
With a trading price of $6.784 and a circulating supply of 2,516,682,453 TON tokens, the Toncoin has successfully secured the position of the 9th largest cryptocurrency by market capitalization and is currently valued at $1.704 Billion.
The Moving Average Convergence Divergence (MACD) has displayed a constant decline in the red histogram, indicating an increase in the buying pressure for the altcoin. Furthermore, with a high possibility of a bullish convergence, the indicator hints at a positive outlook this week.
Moreover, the SMA indicator has experienced a bullish convergence in the 1D time frame. This suggests increased bullish sentiment for the Ton coin price in the crypto space.
Will Toncoin Price Reclaim $10 This August?
Suppose, the market gains momentum, in such case, the bulls will break out of the triangle pattern and prepare to test its resistance level of $7.680. Furthermore, if the bulls hold power, the TON price will head toward its upper level of $8.80 in the coming time.
Conversely, if the bears overpowered the bulls, the Toncoin price would test its important support level of $6.415. Moreover, if the bears continue to dominate the market, the altcoin will plunge toward its lower support level of $5.155.
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