Toncoin (TON ($2.18)) currently thrives as a top performer in the recovering cryptocurrency market. With 83% of its supply in profit, investors eagerly target a price of $10. Recently, Toncoin jumped 8.25% in just 24 hours, showcasing its strong momentum.

Technical Analysis

The price action reveals a rounding bottom pattern, signaling a potential trend reversal. The 4-hour chart highlights a crucial resistance level at $7.10. If buyers break this level, Toncoin could gain significant upward momentum. Additionally, the completion of a five-wave Elliott Wave pattern supports this bullish outlook.

TON 4-hour Price Analysis. Source| TradingView

Moreover, the convergence of the 50 and 200 Simple Moving Averages (SMA) suggests a possible golden crossover. This crossover would further reinforce the bullish sentiment surrounding Toncoin.

Market Sentiment

Current technical indicators reflect a predominantly bullish sentiment. Traders observe 13 buy signals, 9 neutral, and only 3 sell signals. The MACD indicator also shows positive momentum, supporting the overall bullish trend. However, caution arises from a recent bearish pullback. This pullback threatens the bullish pattern if the price drops below the support trendline.

Supply and Demand Dynamics

Global In/Out of the Money. Source| IntoTheBlock

Data indicates that a significant portion of Toncoin’s supply resides with profitable addresses. Approximately 4.8 billion $TON tokens are currently in profit. This strong accumulation demonstrates investor confidence in Toncoin’s future performance.

Traders should also watch the next resistance levels at $8 and $9.50. The psychological mark of $10 remains a critical target for bulls.

While technical indicators and market sentiment favor Toncoin, potential investors should remain vigilant. Monitoring support levels at $6.27 and $5.80 will be crucial for determining the token’s short-term trajectory. Overall, if the bullish trend continues and buyers break the $7.10 resistance, a price increase to $10 could be imminent.

Read Also: Can Toncoin and Notcoin Reach New Heights? Predictions for August 2024

Investors should stay informed and prepared as Toncoin navigates this promising landscape. The upcoming days will reveal whether the bullish momentum can sustain and propel the price higher.

The post Is Now the Perfect Time to Invest in Toncoin Before It Hits $10? appeared first on FXcrypto News.