Price Analysis

Toncoin Rebounding After the Weekend Bloodbath: Will the TON Price Maintain a Bullish Streak?

The crypto markets tumbled again during the weekend to squash all the gains incurred just before the beginning. While the Bitcoin price seems to be preparing to test the lower targets, Toncoin is gearing up to achieve its lost levels. If the Bulls reclaim their dominance, then the TON price is set to rise and head towards the current ATH above $8. 

Toncoin price has displayed immense strength in the past couple of months and despite the prevailing bearish influence, the bulls have managed to hold the strength. Presently, the price has dropped below the required range which has raised bearish alarms. However, the trade set-up suggests the price continues to remain under bullish influence, aiming to reach a new ATH this month. 

TON price is testing one of the important resistance after rebounding from the interim lows that occurred during the last trading day. The price displayed a fakeout in early June and therefore, the levels are expected to reclaim within the range, demonstrating another fakeout soon. However, with this, it may enter one of the crucial resistance at around $7.25 to $7.3 which may push the prices towards $7.65. 

However, the trend of the RSI raises concerns over the upcoming price action as it constantly forms lower lows and highs. Therefore, the next couple of hours could be crucial, as a failure to hold $7 may trigger a fresh bearish case which may even extend to $6.1 also. However, if the RSI rises back above the average, then the bearish trajectory may be squashed, paving the way for a fresh upswing. 

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