The market participants appear to be in search of the next promising altcoin, and for this reason, new tokens are entering the top 20. While the other major tokens are hovering within a narrow range, some of the altcoins have been displaying immense strength and self-assurance to even replace the popular ones. In the race towards supremacy, Toncoin (TON) has topped the leaderboard, gaining more than 50% in the past 30 days.
What’s next for the TON price? Will the bullish streak be maintained, or may it face a bearish attack?
Currently, market sentiment continues to be bearish, as the overall market has been consolidating within a narrow range. Moreover, the recent drop has squashed the bullish speculation to some extent. Amid these conditions, Toncoin managed to gain bullish attention, which helped the price range from lows of around $1.2 to levels close to $1.8. At this point, a bearish pullback may be expected after hitting $2, but it may only be short-lived.
The TON price broke down the ascending trend line in Q2 2023, which had acted as strong support since the beginning of Q4 2022. However, the price triggered a fine recovery that displayed a parabolic recovery. Meanwhile, the price has yet to reach the neckline of the curve, which suggests the token may continue to undergo minor upswings and pullbacks until then. Besides, the RSI is incremental but has already reached overbought levels, which signals a possible rejection in the short term.
Following a minor pullback, the TON price may resume growth and rise towards the initial resistance at $2. If the bulls are able to sustain the bearish pressure at this point, then a huge upswing is believed to follow. This could land the price at the neckline of the parabolic curve till the end of September, which could be followed by a bullish breakout in the first few days of Q4. Hence, there is a greater possibility of the last quarter being under a bullish influence and the Toncoin price reclaiming levels above $2.85 by the end of the year.
