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- Toncoin price surged beyond the $6 mark as whales bought over $30M in 4 days.
- Analysts suggested an upside to $8 within reach in the short term.
Toncoin (TON), a Telegram-affiliated altcoin, recently experienced a sharp upsurge and surged past the $6 mark. Last week, the TON crypto broke out of a descending triangle pattern. This triggered a breakout, resulting in an upsurge of over 30%.
The Toncoin crypto’s price rally hinted at a bullish trend and could exceed the $8 level next. Amidst the liquidity exit at $5.80, a significant short covering swing could further accelerate the bullish momentum.
The Toncoin price‘s impressive 30% rally indicated buyer accumulation. Furthermore, the token saw a fresh trend reversal on the weekly timeframe. It formed higher high swings and targets to claim the 52-week high zone.
When writing, the TON crypto price traded at $6.26. That noted an intraday rise of over 1.20%. Its market cap rose to $16 Billion, ranking 12th among the top crypto coins.
TON Crypto Sees Whale Accumulation
Traders kept redirecting capital toward the mid-cap asset this week. With this, the Toncoin price looked set to move toward the $7 level.
Over the last few months, the TON crypto’s considerable transaction activity has driven demand significantly higher. This has increased since Gensler’s exit was confirmed. This is due to regulatory constraints that have impeded several crypto assets in recent years.
Considering the bullish view, the large holder netflow count showed the daily net acquisitions of whale wallets. These wallets have TON balances, holding 0.1% or more of TON’s circulating supply.
Data from IntotheBlock revealed that crypto whales have bought about $1.7 Million worth of tokens. This is the highest since September 18.
Over the last four days, the whale wallets on the Toncoin network staked an additional 459,980 TON. That was approximately $30 Million. This large transaction activity indicated a bullish outlook in the near sessions.
Analyst Say Toncoin Could Reach $8: Here’s Why
In a recent tweet by Rose Premium Signals, TON crypto recorded a cup and handle formation breakout on the daily timeframe. A break above the 78.6% Fib level of the $6.80 mark could send Toncoin toward the upside level of the $8.20 mark.
Notably, the Toncoin price has gained immense bullish momentum. Moreover, the token surpassed the supply region of $6.
Technical Analysis: Toncoin Price Prediction
During the daily timeframe, the TON crypto registered a descending channel breakout. Also, it gained massive bullishness.
Buyers have actively accumulated the coin, and trading volume has lifted by over 290% this week. That replicates the bullish conviction. TON’s Relative Strength Index (RSI) at 68 replicates overbought signals, conveying bullishness on the chart.
The Moving Average Convergence Divergence (MACD) indicator also plotted green histogram readings. This signified bullish readings. Moreover, significant inflows were noted throughout the week, as MFI readings spiked beyond 60.
Moving ahead, the future’s market data replicate demand for long contracts. That’s because the Oi-weighted funding rate remained positive at 0.0089%. The immediate support zones for Toncoin price were $6 and $5.30. At the same time, the upside barriers were $6.80 and $7.20.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
