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- TON price trades near the breakout region and is on the verge of skyrocketing soon.
- Buyers have gained traction and will likely initiate a rally soon.
The Toncoin (TON) price trades in the blue sky zone and guides strong buying momentum on the charts. Last week, the coin made a fresh ATH mark of $7.78 and sustained there.
However, buyers are still eyeing a further rally, and the sentiments favor a further upside ahead.
Trading in the upward trajectory, the TON price has retested the $7.50 multiple times and is ready for a major blast in the next sessions.
The key metrics reveal the bullish projection and suggest investor speculation activity.
At press time, the Toncoin price traded at $7.56 with an intraday surge of 6.10%, reflecting bullish momentum on the charts. It has a monthly return ratio of 8.40% and 390.30% yearly, reflecting a short-term bullish trend.
The pair of TON/BTC is at 0.000112 BTC, and the market cap is $18.37 Billion. Analysts are bullish and suggest that the TON price may reveal a breakout rally and might reach the upside mark of $10 soon.
Toncoin Pumped Over 6% Intraday: Are Whale Buying?
Since the beginning of this month, whale-buying activity has been noticed. In the last two weeks, Toncoin indicated sharp bullish projections, and the price surged over 22%, highlighting the bulls’ dominance.
Moreover, the price action still guides further glimpses of bullishness and suggests that TON crypto has an upside room up to the $10 mark.
Source: Santiment
Interestingly, the volume buying activity highlights the investor’s strong buying conviction. The intraday trading volume soared over 125% to $407.27 Million.
Ranked at 10 per the market cap, TON crypto has a total supply of 5.11 billion, and its market cap rose by over 6.36% this week.
Its momentum oscillators reveal bullish projections, the RSI curve soared to the overbought zone and highlighted a bullish crossover, and the MACD indicator reflects the same, guiding the positive outlook.
@Altcoin Sherpa, in his tweet, mentioned, “just a matter of time before this breaks ATH in the next stretch as long as BTC is ok. This still looks incredibly strong”
$TON: just a matter of time before this breaks ATH in the next stretch as long as btc is ok. This still looks incredibly strong pic.twitter.com/ZqrbyuVSJs
— Altcoin Sherpa (@AltcoinSherpa) June 12, 2024
Source: X
In his tweet, Analyst Ali Martinez says it is gearing up for a potential 40% breakout, aiming for $11. However, the TD Sequential indicator suggests that the TON price might briefly dip to $7.2 to gather liquidity before the upswing.
#Toncoin is gearing up for a potential 40% breakout, aiming for $11! However, the TD Sequential indicator suggests $TON might briefly dip to $7.2 to gather liquidity before the upswing. pic.twitter.com/jMoZ1ugEga
— Ali (@ali_charts) June 13, 2024
Source: X
Weighted Sentiment and Price Volatility Data Insights
Following the price surge, the weighted sentiment data was improved and approached the positive region, highlighting the bullish projections.
Source: Santiment
Similarly, the price volatility spiked over 30% to the 0.026 mark, which relates to investor speculation and is guiding the buying pressure this week.
Futures Data Reveal Massive Long Additions
Fueled by investor positive sentiment and the strong bullish structure, the TON crypto reveals a major rally on the cards.
Source: coinglass
The open interest sharply soared over 11.25% to $217.38 million in the last 24 hours, reflecting the buying pressure and investor willingness to buy TON crypto.
The immediate support levels for the Toncoin price are $ 7.20 and $6.70, whereas the key upside hurdle is around $8.20, followed by $8.90.
Conclusion
The Toncoin price trades above its key moving averages and decisively holds gains in the bullish trajectory. Its technicals are guiding the bullish projections, and the coin is eyeing a significant rally ahead.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
