Toncoin three-day uptrend sees the coin hit new all-time high. It broke $8 a few hours ago but faced massive rejections at $8.24.
The most recent surge is a continuation of a series of price improvements starting June 12. It kicked off with an over 7% hike as it shot off $6.80 to a close at $7.46. It gained more stability above $7.50 with a 4% increase.
The altcoin started the day at $7.77 as market conditions continued to favor the ascent. However, on-chain data points to massive bullish actions as the catalyst for the most recent surge.
The metric points to a more than 200% surge in whale transactions in the hours leading to the ATH. The data also suggested that every Ton wallet profit following this milestone.
Toncoin Risk 15% Drop
TON’s massive bullish actions are pointing to an impending shift in its price direction. Currently, the relative strength index is approaching 70. At 69, further surges will make the asset overbought, which will mean an impending massive decline.
Nonetheless, the altcoin is enjoying the same volume at the time of writing. It tested the ATH twice and may break it if the bulls keep up the momentum. Additionally, the most recent surge sees the coin surge above its first pivot resistance.
The next crucial point after the R1 is the second pivot resistance at $9. While the current surge is fueled by volume, it is worth noting that the cryptocurrency ignored the prevalent market sentiment with its latest move. It remains to be seen when it will succumb.
Aside from RSI, no further indicators are pointing to a massive drop. Nonetheless, there are no supports above $7 in the event of a decline. The asset risks a 15% drop based on the previous price movement. The decline will set TON back as low as $6.80.
Toncoin is at a crossroads, and traders will keep a keen eye on its performance in the next 24 hours.
