- TON briefly rose to a new record level on June 15
- The bullish bias towards the altcoin appeared significant on the charts
In the early trading hours of June 15, the popular cryptocurrency Toncoin appeared [TON]linked to the messaging app Telegram, rose to a new record.
According to CoinMarketCapthe altcoin’s price briefly rose above $8 before changing hands at $8.24 before witnessing a correction. At the time of writing, TON’s price was $7.96, down 3% from its ATH price.
TON is not done climbing yet
A review of the token’s performance on the daily chart confirmed that, despite the slight uptick in selling pressure that forced the price of TON to fall from its new all-time high. In fact, the bullish bias remains significant in the crypto market.
For example, TON’s key momentum indicators were above their respective midlines and rising at the time of writing. The Relative Strength Index (RSI) stood at 65.80, while the Money Flow Index (MFI) stood at 76.42.
These indicators measure overbought and oversold conditions in the market by tracking an asset’s price momentum and changes. At the time of publication, TON’s RSI and MFI confirmed its traders’ preference for accumulation over distribution.
In addition, measurements of TON’s Directional Movement Index (DMI) showed that the positive directional index (green) was above the negative index (red).
An asset’s DMI measures the strength of its price movement. When the positive index is above the negative index, it indicates a dominant uptrend in the market. This is a bullish signal that traders interpret as a sign that bearish influence is significantly low.
TON’s Aroon Up Line was at 100% at the time of writing, confirming the prevailing bullish trend. An asset’s Aroon indicator identifies its trend strength and potential price reversal points. When the Aroon Up Line approaches 100 in this way, it indicates that the uptrend is strong and that the most recent high was reached relatively recently.
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As for TON’s weighted sentiment, it stood at a value of 1.6 at the time of writing. This indicated that most discussions surrounding the altcoin on social media platforms were significantly bullish.
It also meant that TON traders are optimistic and confident that the price will rise even further in the short term.
Source: TradingView
If this happens, TON could rally to regain its all-time high and soar past it.
Source: TradingView
However, if the altcoin is declared invalid, its price could drop to $7.36 on the charts.