Toncoin (TON) Price Prediction: Will This Bullish Revival Skyrocket the Altcoin Price to a New All-Time High This Month?

With Toncoin's TVL surpassing the $600 million milestone, the bullish growth continues in its market value. Ranking at #8 in the top 10 crypto and a market cap of $16.80 billion, TON price trades at $6.67 and an intraday gain of 3.25%.

Toncoin's impressive rally continues, with its TVL crossing the $600 million mark. The bullish momentum is evident in its price performance, ranking #8 among the top 10 cryptocurrencies with a market cap of $16.80 billion. TON price trades at $6.67, showing an intraday gain of 3.25%.

A closer look at the TON price action reveals a strong bullish cycle, with a 26% surge in the last 9 days. Notably, the triple white soldier pattern formed over the last 3 days has contributed to an 8.21% jump, challenging the overhead resistance trendline.

Toncoin Price Performance on Tradingview

However, the recent V-shaped reversal in TON price from $5 was unable to breach the 50-day EMA and the resistance trendline, leading to a bearish failure and a retest of the $6 breakout.

The underlying demand at the psychological mark of $6 has fueled a post-retest rally, forming a morning star pattern. Despite facing multiple bearish reversals from the overhead resistance trendline, the ongoing recovery rally in TON prices hints at a bullish breakout.

As per the trend-based Fibonacci level, the $6 retest aligns with the 23.60% Fibonacci level, which might be responsible for the high-momentum reversal observed.

Technical indicators:

EMA: The 20D EMA breaks below 50D and 100D EMA due to the crash in early August.

MACD: The bullish crossover in the MACD and signal lines is gaining strength with a surge in positive histograms. Hence, a positive trend in the momentum indicator supports breakout chances.

Will Toncoin Hit $10?

If a breakout occurs, the Fibonacci levels project the TON coin price target at $7.47 (50% Fibonacci level) or $8.95 (78.60% Fibonacci level). With optimism, a bullish trend continuation throughout the month could lead to a new all-time high at the $10 psychological mark, indicating a price surge of 50%.

On the downside, another bearish reversal from the overhead trendline will amplify the bearish pressure on the $6 support, increasing the chances of a breakdown. The next support levels lie at $5.55 and $5.

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