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.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed