The Toncoin (TON) price has successfully recorded a new all-time high (ATH) of $7.78 during the early trading hours today, highlighting an increase in the buying-over-selling pressure for the altcoin in the crypto market.
Positively, Toncoin price has recorded a surge of 148% in its trading volume and added 13.30% within the past day. Moreover, the altcoin has added 17.76% within the past week and 30.88% over the past month.
Toncoin Records A Bullish Breakout:
After hovering close to its important support level of $6.325 for a brief period, the bulls regained momentum over the past weekend and since then, the TON price has added 24.71% to its valuation. This resulted in the altcoin recording a new ATH.
With a Year-to-Date (YTD) return of 228% in valuation and a market cap of $18.26 Billion, the Toncoin (TON) price has successfully reclaimed the position of the 9th largest cryptocurrency in terms of market cap by surpassing Cardano (ADA) token.
The technical indicator, SMA constantly supports the price chart in the 1D time frame, suggesting an increase in the buying sentiment for TON price in the crypto space.
On the other hand, the Relative Strength Index (RSI) successfully retested its mid-point, resulting in it experiencing a significant uptrend toward the overbought range. Moreover, the average shows a bullish curve, suggesting the price will continue gaining value in the coming time.
Will TON Price Hit $10 In June?
If the market holds the price above the support level of $7.250, the bulls will continue gaining momentum and test its resistance level of $8.725. Maintaining the price at that level will set the stage for Toncoin price to test its upper resistance level of $10 during the upcoming weeks.
Conversely, if the bears overpowered the bulls, the TON coin price would lose momentum and test its support level of $7.250. Furthermore, if the bears continue to overpower the bulls, it will plunge further and prepare to test its lower support level of $6.325 in the coming time.
