Altcoins are recovering, with popular ones like Toncoin gaining momentum and aiming for a strong week ahead. A bullish finish to the week could drive prices up by 25% to 30%, pushing them towards new highs.
The crypto markets dropped again over the weekend, erasing gains made earlier. While Bitcoin appears to be heading towards lower targets, Toncoin is working to recover its lost ground. If the bulls regain control, Toncoin could rise and move towards its all-time high of over $8.
Toncoin Shows Resilience Despite Bearish Trends
Toncoin has shown significant strength over the past couple of months, with the bulls managing to maintain momentum despite the prevailing bearish influence. Although the price has recently fallen below the desired range, raising some bearish concerns, the overall trade setup still suggests a bullish outlook, with hopes of reaching a new all-time high this month.
Currently, Toncoin is testing a key resistance level after rebounding from recent lows. The price had a false breakout in early June, and similar behavior may occur again.
However, if Toncoin overcomes this resistance, it could approach another key resistance zone around $7.25 to $7.30, potentially pushing the price towards $7.65.
RSI Trend Raises Concerns for Toncoin’s Price Action
The trend of the Relative Strength Index (RSI) is causing concern over Toncoin’s upcoming price action, as it continues to form lower lows and highs. This indicates potential bearish momentum in the near term. The next few hours will be crucial: if Toncoin fails to hold above $7, it could trigger a new bearish phase, potentially extending the decline to $6.10.
However, if the RSI moves back above the average, it could counteract the bearish trend and set the stage for a new upward move.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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