TON Price Eyes Secondary Explosion For 50% Surge This Week
The post TON Price Eyes Secondary Explosion For 50% Surge This Week appeared first on Coinpedia Fintech News
Ignoring the struggles of Bitcoin under $70,000, the altcoins are on a bull run with a constant surge in trend momentum. In the bull market, the TON price takes the spotlight with a strong jump of 8% overnight.
With a bullish closing undermining the slowdown over the week, the sudden resurgence teases a strong bullish trend ahead. Will the uptrend in the coming days push the TON price to the $10 psychological milestone? Check out our Toncoin price prediction now.
Toncoin Eyes Breakout Rally This June
On the on-chain side, the number of on-chain activated wallets reached a new all-time high of 6,884,649. Among these, the active wallets are also at an all-time high of 546,265 (daily) and 4,257,717 (monthly).
Further, the overnight jump of 8% boosts the current market price of the TON token to $6.77 with an intraday pullback of 0.73%.
As per the 1D chart, the bullish recovery aims to conclude the lower high formation with a trendline breakout. However, the intraday pullback warns of a bear cycle to test the long-coming support trendline.
The bullish engulfing candle bolsters the uptrend continuation theory but fails to surpass the overhead trendline. Hence, the sideline traders wait for the price action confirmation in the daily chart.
Technical indicators:
EMA: The bullish trend in the 50D EMA moves along the support trendline, cementing the uptrend. This increases the possibility of a bull run in June.
Will TON Price Hit $10?
With the bullish trend in altcoins and the ecosystem expansion of The Open Network, the uptrend shows a strong possibility of continuation. As per the trend-based Fibonacci levels, the bullish trend in the TON price could aim for the $10 milestone with the $7.50 breakout.
However, the overhead trendline breakout will be the crucial bullish signal for the sideline traders to ride the next bull run.
