Is Toncoin’s (TON) Bullish Breakout an Indicator of Similar Price Action on Bitcoin?

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The altcoin industry has signalled an inevitable bullish move ahead despite the heightened fear of further capitulation by the end of August and September. Bitcoin’s (BTC) dominance has already flashed a potential cycle top after reaching a high of about 57.67 per cent. 

Amid the anticipated historical altseason anticipated ahead, the crypto cash rotation to large-cap altcoins can be noticed. 

Furthermore, the approval of several spot Ethereum ETFs in the United States, the approval of the first spot Solana ETF in Brazil, and the conclusion of the SEC vs Ripple case have set the ball rolling for the altcoin industry.

Toncoin (TON) Price Bullish Breakout

Telegram-backed Toncoin (TON), a fast-growing layer-one network, has front-ran most of the crypto assets since its bullish breakout to an all-time high earlier this year. The web3-based blockchain has a total value locked of nearly $600 million and a stablecoins market cap of over $619 million.

Toncoin’s strategic partnerships, including with Tether USDT, and the thriving gamifi projects, led by Hamster Combat and Notcoin (NOT) have helped increase TON’s bullish outlook.

Additionally, Toncoin’s recent listing on Binance, the largest cryptocurrency exchange by users and daily traded volume, has helped propel TON’s price in a bullish outlook.

According to the latest market data, the TON price has pumped over 8 percent since Monday to trade around $6.66 on Thursday during the early European session. However, the altcoin must convert the 50-day Moving Average (MA) to a support level to maintain a bullish momentum ahead.

Fractal Pattern With Bitcoin Price Action

According to a reliable crypto analyst Ali Martinez, Bitcoin price could soon rally towards $64k, if a similar fractal breakout with TON price happens. After facing significant resistance around $61k, following the death-cross between the daily 50 and 200 MAs, Bitcoin price has dropped towards the support level of about $58k.

From a technical standpoint, Bitcoin price is on the verge of a major breakout on either side, which will define the price action in the coming months.