Toncoin (TON) Price Maintains a Steady Rally, A New ATH is Imminent But $10 Could be A Far

The post Toncoin (TON) Price Maintains a Steady Rally, A New ATH is Imminent But $10 Could be A Far appeared first on Coinpedia Fintech News

The Toncoin price has displayed its acute strength ever since the beginning of the year by breaking from a prolonged consolidation. Since then, the price has soared by 272%, marking new highs somewhere around $7.5. This move has attracted huge buying pressure, due to which the token maintains an elevated trend in times when the major tokens are facing acute bearish heat. 

Will the upswing last longer? If so, can we expect an all-time high this month in the double digits?

The market is heading towards a bearish close for the week as the selling pressure mounted over the major tokens during the previous day’s trade. Despite this, the TON price is poised to begin a new upswing, as the token approaches new highs. In the short term, the price is close to breaking above the bullish pennant, which may lead to a rally towards a new ATH. 

As observed in the above chart, the TON price is following a wave pattern, similar to the Elliot wave, within its recovery path. The RSI & MACD in the 4-hour chart is about to go bearish, which suggests a small pullback could be possible to the local support close to $6.61. However, the long-term trade displays a huge bullish signal and hence, a rebound could be imminent at this stage. 

Following the rebound, the Toncoin price may enter the final resistance zone between $7.175 and $7.47, which may pave the way for the token to trade within a price discovery phase. However, considering the current market dynamics and the sentiments, the price is believed to not be above $8.5, which may be a new ATH for a while. Following this rise, the bulls are expected to remain inactive for a while, which may push the crypto into a consolidation phase. 

Besides, if the Bitcoin price displays some strength, the bearish narrative could be squashed; otherwise, following a similar pattern, the Toncoin (TON) price may mark new highs above $8 this month.