Toncoin Retains Higher Levels Amid Market Turmoil: What’s Next

Toncoin Soars over 20%

Key Highlights:

• Toncoin price surged by over 20% within the past two sessions, bouncing off its 100-day EMA.
• This bullish trend was driven by buying pressure, almost surpassing the all-time high (ATH).

Toncoin's Bullish Surge

Toncoin's candlestick pattern formed a long rejection wick, indicating a significant breakout. This sharp upward movement suggests a potential reversal and indicates bullish momentum. The previous ATH of $8.27 is now within reach.

Despite Market Bearishness

Amidst the overall market downturn, Toncoin has maintained its bullish trend, demonstrating resilience. Sellers attempted a breakdown, but buyers aggressively entered the market, resulting in a fakeout.

Technical Analysis

Toncoin remains above its 20-day EMA and is approaching the $8 mark. Bullish projections can hold as long as support at $6 remains intact. At press time, Toncoin traded at $7.58, exhibiting neutrality on the charts.

Analyst Sentiment

Analysts maintain neutral projections, suggesting a possible breakout above the ATH soon.

Can Toncoin Reach $10?

With ongoing buying pressure, the bullish rally could extend towards the $10 mark once the ATH is crossed. Technical indicators also support this bullish trend, with positive crossover on the RSI and green bars on the MACD indicator.

Growing Interest and Momentum

The weighted sentiment data indicates a positive stance, with a sharp increase in price volatility. This speculative activity underscores growing market confidence in Toncoin.

Futures Open Interest

Since March 2024, there has been a significant rise in long positions in TON, contributing to the price surge.

Total Value Locked and Market Cap

Toncoin has experienced substantial growth in its Total Value Locked (TVL), now amounting to $691.02 Million. Additionally, it has surpassed Dogecoin to become the eighth-largest cryptocurrency by market cap.

Conclusion

Toncoin continues to demonstrate bullish momentum, despite market turbulence. Buyers maintain dominance, suggesting further upside potential. However, please conduct your research before making financial decisions.