Toncoin hit new all-time highs twice last week, eventually breaking above $7.9 this week and reaching $8.3.
After the highs, Toncoin has entered a correction and is currently trading around $7.25.
Analysts believe a rally to $10 or even $11 is incoming, based on Toncoin's user growth and technical indicators.
There's no clear way to tell if the price surge was a false breakout or a correction before a further rise.
However, the current price sits inside an ascending trendline and could rebound from $7.25 as long as it doesn't fall below $6.7.
Toncoin bucked the trend this week, breaking above its previous $7.9 all-time high and rallying by an extra 6% to $8.3.
However, soon after making this all-time high, Toncoin has reversed course and is now trading at around $7.25 at the time of writing.
Is this decline final or are we set to see a rebound on Toncoin at some point?
Let’s see what’s up with Toncoin in the charts.
Interestingly, Toncoin made fresh all-time highs twice last week on Friday, after flipping Ethereum in terms of daily active users, according to insights from Delphi Digital.
Toncoin has been largely bullish over the last few months, especially with the boom of Telegram play-to-earn games integrated with The Open Network (TON).
Back then last week, market watchers believed that Toncoin's repeated all-time highs and its performance in the short-medium terms would set the stage for a rally to $10 or even $11.
Ali, for example, speculated that Toncoin was “gearing up for a potential 40% breakout”, and could even reach the $11 price target within one to four daily candlesticks as shown above.
Toncoin did break out, considering that on Thursday night last week, the token successfully broke above the $7.7 resistance level in another one of its mini-all-time highs.
By Saturday, the cryptocurrency had soared by around 5% a new $8.3 all-time high. However, at the time of writing, we might be looking at an ongoing correction.
Did Toncoin just print a false breakout, or is something bigger at play?
According to data from CoinMarketCap, Toncoin shows a decline of around 5% in the daily timeframe. However, things seem balanced out with a 6% price increase on the weekly.
Toncoin’s price
In the tweet from Ali referenced earlier, the analyst opined that the price increase to $11 might come after a "liquidity gathering" dip to $7.2, based on readings from the TD sequential indicator.
Toncoin’s price action
According to the chart illustrated above, Toncoin has retreated inside the ascending trendline shown above, and should rebound from this price level soon, as long as a decline below $6.7 doesn’t occur.
Is the $11 rally still in play? It might be!
However, waiting for the right timing and opportunity is important before entering.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.