TonCoin: A Rising Star or a Falling Meteor in the Crypto World?

Market players appear to be on the lookout for the next promising cryptocurrency, and as a result, new currencies are joining the top 20. While the other main tokens are stuck in a tight range, certain cryptocurrencies have shown enough power and confidence to even replace the popular ones. Toncoin (TONNE) has led the fight for dominance, gaining more than 50% in the last 30 days.

What will happen to the TONNE price next? Will the bullish run continue or be interrupted by a bearish attack?

Currently, market sentiment remains gloomy, with the overall market consolidating inside a limited range. Furthermore, the recent dip has dampened optimistic anticipation to some extent. Toncoin acquired positive attention in these conditions, allowing the price to rise from lows of approximately US$1.2 to heights close to US$1.8. At this point, a negative pullback after reaching US$2 may be predicted, although it may be brief.

In Q2 2023, the TONNE price broke through the ascending trend line that had served as solid support since the beginning of Q4 2022. The price, on the other hand, launched a good comeback with a parabolic recovery. Meanwhile, the price has yet to reach the curve's neckline, suggesting that the token may continue to experience tiny upswings and pullbacks until then. Furthermore, the RSI is increasing but has already hit overbought levels, indicating a likely rejection shortly.

Following a slight setback, the TONNE price may resume its upward trend and reach the initial barrier level of US$2. If the bulls can withstand the negative pressure, a massive rise is expected. This might keep the price near the parabolic curve's neckline until the end of September, followed by a bullish breakthrough in the first few days of Q4. As a result, the last quarter is more likely to be bullish, with the Toncoin price rebounding above US$2.85 before the end of the year.