Toncoin (TON) Price Poised For 20% Surge: What’s Cooking In It?

• 1 Toncoin (TON) traded in a bullish bias and registered a sharp rebound.
• 2 The selling pressure cooled off, and bull accumulation was on the cards.

The Toncoin (TON) looked bullish and has driven a pullback from the 50-day EMA. This week, the asset price was flipped from the key support zone of $5 and recovered over 25%, which signifies the accumulation.

Despite the global market’s bearish sentiments, the TON price has decisively held the gains in the bullish trajectory and glanced at a positive stance.

At press time, the Toncoin crypto (TON) price traded at $5.38 with an intraday gain of 1.22%, reflecting a bullish outlook on the charts. It has a monthly return ratio of 7.20% and 187.29% yearly, reflecting a long-term bullish trend.

The pair of TON/BTC is at 0.0000924 BTC, and the market cap is $20.40 Billion. Analysts are bullish and suggest that the Toncoin price may stretch the bullish move and will outperform in the following sessions.

Can Toncoin (TON) Bulls Succeed To Retest $8 Mark This Month?

Despite the weak market sentiments, the Toncoin (TON) did not lose momentum and continued to ride on the bullish track. Since the start of March, bulls have geared up their move, and intense buying momentum has been exhibited.

Followed by the consistent up move and the higher high formations, the Toncoin price has surged by 155% in the last two months.

Recently, the Toncoin crypto registered a sharp range breakout, displaying massive upright activity on the charts. 

Source: TradingView

Per the weekly chart data, the trading volume showed significant investor interest and replicated buying momentum. The intraday trading volume remained flat, noting a surge of over 12.56% to $137.02 Million.

Positive Development Activity, The Key To Unlocking Bull Rally?

This month, Venture capital firm Pantera Capital invested significantly and showcased its interest in TON, which triggered the asset price positively. 

Source: Twitter

In a statement, Pantera Capital said, “TON has the capacity to introduce crypto to the masses because it is used extensively within the Telegram network.” 

What Do Key Indicators Suggest For Toncoin?

On an analysis of 26 indicators, only 2 indicators gave a sell call, whereas 10 indicators remained neutral, and 14 indicators guided a buy signal.

The Momentum Indicator (Relative Strength Index) curve spiked to the overbought zone, and a positive divergence was noted. Furthermore, the MACD indicator guided a bullish crossover and displayed green bars on the histogram.

Per the Fibonacci retracement levels, the Toncoin price trades at 61.8% and is near the upper Bollinger Band.

The immediate support levels for the Toncoin (TON) are $5.40 and $5, whereas the key upside hurdle is around $6.20, followed by $6.50

Conclusion

The Toncoin (TON) looks bullish and trading in the bullish trajectory, displaying an uptrend on the charts. Apart from that, if the coin breaches the $6 mark, further upmove may be seen.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. 

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.