Toncoin Soars Towards All-Time High Amid Bitcoin’s Bullish Reversal

Toncoin Soars Towards All-Time High Amid Bitcoin's Bullish Reversal
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Bitcoin and Toncoin prices have seen a remarkable start to the week, with both digital assets experiencing significant surges in value on Monday.

At the time of writing, Bitcoin (BTC) is trading at $62,716, while Toncoin (TON) is valued at $7.34. The broader cryptocurrency market has also shown signs of recovery during the first trading session of the week.

The positive price action of Bitcoin has had a positive impact on altcoins as well. This was evident from the $4.65 billion increase in the Total3 market capitalization, which reflects the size of the altcoin market.

Toncoin Soars Towards All-Time High Amid Bitcoin's Bullish Reversal

Toncoin has seen a particularly impressive surge, with TON/USD recording a 5.83% increase on Monday. On a monthly time frame, this surge translates to a 41% increase, with the potential for further upside in the coming days.

This upward movement seems to be driven by the evolving Toncoin ecosystem and a recent investment from industry giant Pantera Capital.

On the daily chart, Toncoin is approaching its all-time high of $7.70, as indicated by the red line on the chart. This upcoming retest will be crucial to watch, as a breakout could lead to a significant upside for Toncoin.

The 4-hour timeframe also shows that the price of Toncoin is respecting an upward trendline, indicating a sustained buying pressure on the price.

If the bulls manage to break above the $7.70 resistance and turn it into a support zone, a Toncoin price prediction of $10 could be well within reach.

A closer look at the daily chart of Bitcoin against the US dollar (BTC/USD) reveals that the bulls are staging a recovery following last week’s price decline.

The support level around $60,800 appears to be holding strong, as bears were unable to push the price below it over the weekend. As a result, Bitcoin’s price is once again approaching the $63,750 resistance level, which is situated in the middle of the current trading range.

Read Also: Solana Price Surge: Bullish Signals Point to $200 Potential!

This resistance level also coincides with a downward trendline that must be breached for a more substantial rally to occur.

A breakout above this level could propel the price towards the next resistance zone at $66,800, which proved to be a major hurdle in April.

Disclaimer: The information provided is for educational and informational purposes only. It does not constitute financial advice, and you should always conduct your research or consult with a professional before making any investment decisions.

Toncoin Soars Towards All-Time High Amid Bitcoin's Bullish Reversal

Techno Tropics

Techno Tropics is a passionate tech enthusiast and the voice behind it, a leading source for daily updates on AI, big data, analytics, and cryptocurrency. Stay tuned for the latest tech news and insightful analysis.
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