- Toncoin (TON) price is exhibiting a massive upswing potential as the strength of the bulls in the cryptocurrency market grows.
- The TON price trend is witnessing a 32% jump in trading volume, indicating additional buying pressure.
- Technical indicators, such as the bullish trend in the EMAs and the RSI approaching the overbought boundary.
As Bitcoin surges above the $71,000 mark, the strength of the bulls in the cryptocurrency market continues to grow on a daily basis, and the Toncoin (TON) price is showcasing a massive upswing in motion.
With a breakout rally currently underway, the TON price is displaying immense upside potential as the market gains momentum.
Despite the presence of resistance and supply pressure in uncharted all-time high levels, altcoins are presenting investors with significant opportunities for growth. The question arises: Will the bullish trend in Toncoin persist, enabling it to reach the overhead psychological milestone of $10?
Toncoin Price Performance Analysis
Boasting a market capitalization of $18 billion, the Toncoin price is exhibiting a bullish swing in motion, accompanied by a gradual increase in momentum. The TON price trend is witnessing a 32% jump in trading volume, indicating additional incoming buying pressure that is bolstering the bull run.
Moreover, with an impressive 30% rise over the past 30 days, the altcoin is offering lucrative upside potential to sideline traders who are considering entering the market.
On the 1-day chart, the upward movement in Toncoin price is backed by a long-standing support level, while the latest rebound has crossed the overhead resistance trendline. This rebound has helped buyers to keep their control over the 50-day Exponential Moving Average (EMA) and the support trendline.
Furthermore, the breakout rally is gaining momentum, with the recent upcycle accounting for a remarkable 20% jump within a span of five days. As buying pressure overtakes the $7.50 mark, the bull run in Toncoin could potentially reach the $10 psychological mark.
