TON Price Sustains Uptrend Against Bearish Tide, Eyes $10

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Written By Pinang Driod

With hours left for the Bitcoin halving, the altcoin industry shows a breeze of bullish relief. Despite the BTC price standing at $62,000 levels, the TON price sustains an uptrend against the supply inflows. 

As the higher low formation prolongs with a solid support trendline in play, the Toncoin is ready for a surge. With the recovery rally leading to a potential breakout event, the altcoin could hit the $10 mark this month. 

Breakout Rally For Toncoin

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The bull run in the TON price trend has caused a massive 180% jump in the last 45 days. This bullish sprint leads to a solid support trendline, which provides multiple reversal contacts in the 4H chart. 

The resilience to sustain an uptrend in the backdrop of broader market correction reflects solid demand for Toncoin. As the buyers are ready to pay a premium for the altcoin, the altcoin aims to resurface above $7. 

The recent bounce back from the support trendline concludes the minor pullback due to the supply inflow above $7. With this reversal, the breakout entry opportunity is intriguing the sideliners in Toncoin.

Technical indicators:

EMAs: The bullish trend in the 50 and 200 EMA in the 4H chart sustains the uptrend, providing dynamic support for the altcoin. 

RSI: The 4-hour RSI slope shows a quick reversal from the oversold zone to almost the 70% barrier, indicating a rise in the underlying bullishness. 

Will TON Price Hit $10?

Considering the Bitcoin halving improves the broader market sentiment, the TON price shows a high likelihood of a high momentum uptrend. The bulls are ready for another surge as the altcoin breaks the short-term resistance trendline. As per the trend-based Fibonacci level, the uptrend could hit the $9 mark at the 2.618 Fib level. 

Optimistically, the breakout rally, coupled with market recovery, could aim for the psychological mark of $10.  

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