The cryptocurrency market has recently shown a significant increase in general bearish sentiment towards the cryptocurrency space, with many top coins losing their previous upward momentum. It is worth noting that the price of Toncoin has achieved an increase of more than 2% in the past 24 hours, a phenomenon that profoundly reveals the strong positive expectations and confidence in the cryptocurrency market for specific altcoins.

Given the increasing volatility in the current cryptocurrency market, we can’t help but ask, can TON’s price challenge and surpass the important psychological barrier of $10 again in the coming period, thereby creating a new historical high (ATH)? Such issues are undoubtedly worthy of our close attention and in-depth analysis.

TON price is about to see a major breakthrough:

Toncoin has solidly retested its important support trendline at a key technical analysis link, constructing a prominent symmetrical triangle pattern on the 1D time frame. At the same time, the digital currency has shown strong bullish breakout potential amid a significant increase in market volatility.

With a trading price of $6.784 and a circulating supply of up to 2,516,682,453 TON tokens, Toncoin has firmly established itself as the ninth largest cryptocurrency by market capitalization, with a current market capitalization of approximately $1.704 billion, demonstrating its market position that cannot be ignored.

The Moving Average Convergence Divergence (MACD) indicator is currently in the red histogram area and is showing a continued downward trend, a technical signal that clearly indicates the strengthening of market buying power. Furthermore, given the high probability of bullish convergence, the MACD indicator indicates that the currency will show an optimistic development outlook this week.

In addition, the simple moving average (SMA) also experienced a clear bullish convergence on the 1D time frame. This sign undoubtedly deepened the market's positive expectations for the price prospects of Toncoin, showing that the general bullish sentiment on the value of Toncoin in the cryptocurrency field is growing.

Will Toncoin Price Recover to $10 This August?

If the market momentum increases significantly, under this scenario, bulls are bound to break through the triangle pattern and prepare to hit the resistance area of ​​$7.680. Furthermore, if bulls can consolidate their dominant position, the price of TON is expected to climb to a high of $8.80 in the next period.

On the other hand, if the bears overtake the bulls, the price of Toncoin will face a test, with the first one to be the critical support level of $6.415. In addition, if the bears continue to dominate the market, the altcoin will slide further and hit the lower support level of $5.155.

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