Toncoin Price Prediction ( TON )

The Toncoin price jsurged 13% in the past week despite a 2.5% fall in the last 24 hours to trade at $7.95 as of 7:30 p.m. EST on trading volume that slumped 49% to $430 million.Renowned crypto analysts Altcoin Sherpa, with 217k followers on X, says of the TON chart, ”This still looks incredibly strong. $TON: just a matter of time before this breaks ATH in the next stretch as long as btc is ok.”In fact, TON, the native token of The Open Network, a proof-of-stake blockchain, reached a new all-time high on June 15 of $8.25, according to CoinGecko.

However, the sentiment remains positive for Toncoin traders, who anticipate continuing the bullish trend following the pennant formation. If momentum increases, it could push the price above the key resistance point of $8.25, confirming the bull rally ahead.

The Toncoin price is poised for a significant bull rally despite the resistance paused by the upper trendline of the pennant. Moreover, with the support of the technical indicators, traders are leveraging the bullish pennant to fuel upward momentum towards a potential new all-time high of $11.82.However, if the bears persist in driving the price down from the upper trendline, they could apply downward pressure, pushing the price to the $6.83 support level coinciding with the 50 SMA.

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