Price Analysis

Toncoin Heading towards the End of the Consolidation: Here is Where the TON Price May Mark a New ATH!

The altcoins are gearing up to manifest a fresh rise, intending to begin a fresh altseason in the coming days. In the meantime, this popular altcoin is about to mark a new ATH above $9, probably in the next few days. However, the bears appear to be extremely vigilant over the current trade setup, which may initiate a pullback after gaining certain levels. Considering the prevailing market dynamics, will the TON price reach $10 in this week? Will the token sustain above-average gains?

The TON price is consolidating within a consolidated zone and is experiencing an extreme squeeze. Although the volume has been increasing slightly and in bullish favour, the possibility of an ascending consolidation may prevail. The TON price has remained elevated since the past fortnight and after setting a strong base, the token is now ready for fresh bullish action.

As seen in the above chart, the TON price is trading within a rising wedge and is trading very close to the apex. The token is just 2.32% away from its ATH and hence the bulls may gear up to find new highs anytime from now. The price may surge and find highs at $8.5, which may attract some bearish actions. However, this may certainly not be the start of the bearish action, as the bulls may revamp a fresh bullish action. 

The RSI has been trading above the average zone since the beginning of May, which illustrates the swelling strength of the bulls. Therefore, after a huge variation, the levels are expected to break above the upper threshold and enter the overbought levels, which may elevate the Toncoin (TON) price beyond $9.5. However, before marking $10, the bulls could face exhaustion which could initiate a 25% plunge to accomplish with the correction. 

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