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?
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.
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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