ΤΟΝ Chart Analysis.
Toncoin (TON), which rose by 16% in the past seven days, is trying to break above the upper line of its ascending channel. It has been trending in this channel since May 2. An ascending channel forms when an asset's price reaches consistently higher highs and higher lows over a period. The channel typically indicates a bullish trend, suggesting that buyers are in control and the asset's price is likely to continue rising.
TON trading above its 20-day Exponential Moving Average gives confidence. This moving average tracks an asset's average price over the past 20 days. Trading above this level means the asset's current value is higher than its average price over the past 20 days. This bullish sign indicates that buying activity is higher than selling pressure.
If TON bulls maintain this trend, the token price could exceed $7.74 and rise towards the all-time high of $7.80, but if they fail and bears regain control, selling pressure could drop the altcoin's value to $7.01.
