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The post <a href="https://coinpedia.org/price-analysis/toncoin-ton-price-maintains-a-steady-rally-a-new-ath-is-imminent-but-10-could-be-a-far/" rel="noopener noreferrer nofollow">Toncoin (TON) Price Maintains a Steady Rally, A New ATH is Imminent But $10 Could be A Far</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The Toncoin price has displayed its acute strength ever since the beginning of the year by breaking from a prolonged consolidation. Since then, the price has soared by 272%, marking new highs somewhere around $7.5. This move has attracted huge buying pressure, due to which the token maintains an elevated trend in times when the major tokens are facing acute bearish heat.&nbsp;
Will the upswing last longer? If so, can we expect an all-time high this month in the double digits?
The market is heading towards a bearish close for the week as the selling pressure mounted over the major tokens during the previous day’s trade. Despite this, the TON price is poised to begin a new upswing, as the token approaches new highs. In the short term, the price is close to breaking above the bullish pennant, which may lead to a rally towards a new ATH.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/XKbFsQJTs5HjYvlM-PoZjuBvrqrWvFKIPd6z8LIHXJNEnVlhV5O0ozsgBHC6zS0c00RXA4wtAEUCxJmWNsQWrnqqhTGUCEUktRjo3TR6eMOZqcIM2sdd4l95E38DI-rXhIrImrOcx2M8JSNlRZKhs-g" alt="">
</figure>
As observed in the above chart, the TON price is following a wave pattern, similar to the Elliot wave, within its recovery path. The RSI &amp; MACD in the 4-hour chart is about to go bearish, which suggests a small pullback could be possible to the local support close to $6.61. However, the long-term trade displays a huge bullish signal and hence, a rebound could be imminent at this stage.&nbsp;
Following the rebound, the Toncoin price may enter the final resistance zone between $7.175 and $7.47, which may pave the way for the token to trade within a price discovery phase. However, considering the current market dynamics and the sentiments, the price is believed to not be above $8.5, which may be a new ATH for a while. Following this rise, the bulls are expected to remain inactive for a while, which may push the crypto into a consolidation phase.&nbsp;
Besides, if the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> displays some strength, the bearish narrative could be squashed; otherwise, following a similar pattern, the Toncoin (TON) price may mark new highs above $8 this month.

Toncoin (TON) Price Maintains a Steady Rally, A New ATH is Imminent But $10 Could be A Far

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