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Is Toncoin (TON) Price Preparing for a Breakout to Form a New ATH?
Toncoin (TON) price is eyeing gains again as positive signals return, especially from investors.
Growing confidence among TON holders is a sign that the altcoin could hit a new ATH this month.
Toncoin Investors Are Optimistic
The price of Toncoin has dropped by its highest historical level of $8.28, which caused a drop below the uptrend line it was above. This did not have much impact on TON holders, however, who remain bullish on their shares.
One of the key drivers of conviction came from the shift in supply from short-term investors to medium-term holders. The former hold their assets for less than a month, while the latter do so for more than a month and less than a year. TON supply has made its way In their portfolios, it became clear that investors wanted sustainable profits.
Learn more: 6 Best Toncoin (TON) Wallets in 2024
Distribution of Toncoin supply. Source: InThe block
However, investors were hoping for it and also worked to make it happen. Active addresses currently average at same level as when TON marked its recent ATH. This means that the conviction of repeating events is still high.
As network participation increases, trading volume will also remain high, improving the overall liquidity of the market. This is always a good sign for any crypto asset. Thus, the altcoin has a very good chance of experiencing a rally.
TON Price Prediction: New Highs Ahead
Toncoin price, which is trading at $7.30, is attempting to climb back above the bullish trend line that has been below it since May. In doing so, TON would be able to break through and turn $7.53 into a support floor.
It would be useful to Toncoin as it aims to rally and break through $8.28 to form a new all-time high. The last ATH was in June, around this time, and a repeat of that would result in huge profits for its investors.
Learn more: 11 Cryptos to Add to Your Portfolio Before Altcoin Season
But if the breakout of $7.53 fails, the altcoin could lose its bullish momentum and fall to $7.07. Losing this support could lead to losses for altcoin investors and invalidate the price. Bullish thesis of the price of Toncoin.
Disclaimer
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