An all-time high is followed by a correction
The price of Toncoin (TON) is known for its large returns, placing it among some of the best performing assets.
However, as close as Toon is to cite a success, he is also close to observing the decline that followed its rise.
Toncoin is close to making history.
Toncoin price may hit a new all-time high in the coming days as the altcoin may break the previous one. Helping this rally is the series of whale addresses that have been piling up over the past week.
In five days, addresses ranging from 10,000 to 100,000 tons increased to more than 350,000 tons. This $2.5 million offering is the largest single-week acquisition since mid-March.
This shows that the big wallet holders are highly anticipating new ATH. However, this means you may move to sell once the $7.3 ATH is breached. The resulting fallout could quickly pull the altcoin back.
A similar sentiment is being observed in the broader market indicators as seen from the Relative Strength Index (RSI). RSI, the momentum oscillator, measures the speed and volatility of price movements. It is used to identify overbought or oversold conditions in the market.
Based on this reading, the ton appears in overbought territory, above the 70.0 threshold. Historically, a breach in this zone is followed by a correction as the market cools down. Although the bullying still continues for a day or two before the correction begins.
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If the same result is achieved this time, Toncoin's price may rise for the next 48 hours before starting to decline.
Ton price forecast: rise to new high
Toncoin price, trading at $7.3 at the time of writing, is close to breaking the resistance at $7.6. This hurdle marks an all-time high for the altcoin, and Ton is on track to rewrite this one, given the aforementioned conditions.
If the growth continues after the breach and Toncoin owners choose to sell, the price of Toncoin could reach $8.
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But if you move to book profits before the ton ATH is established, the cryptocurrency may not be safe from seeing corrections. This invalidates Bullish's thesis. The same thing can happen almost everywhere in the market.
As a result, the price of Toncoin may drop to $7 and below.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
