This Altcoin May Hit a New ATH in August If Bulls Validate an 8% Upswing This Weekend

The post This Altcoin May Hit a New ATH in August If Bulls Validate an 8% Upswing This Weekend appeared first on Coinpedia Fintech News

No sooner than the Bitcoin price marked interim highs above $62,000, the entire crypto market had become optimistic. Traders had become hopeful after the recent rebound but the bears seem to have hindered the progress of the rally. However, this popular altcoin within the top 10, Toncoin is manifesting acute strength as the token stands strong against the bearish heat. Now that the TON price has reclaimed its levels within the ascending range, a 20% upswing may help it to form a new ATH. 

The global market capitalisation has risen by over 6% reclaiming a position of over $2.14 trillion, which has kept the bullish momentum among the other altcoins like Toncoin. The volume also soared to a large extent which suggests the downward pressure could persist for a few more days. However, the technicals suggest the price may maintain a healthy upswing, however, achieving pivotal resistance is required to trigger a rise towards the upper targets. 

The above chart displays some hopes for reviving a sustained ascending trend as the price enters the ascending parallel channel. The MACD is showing a drop in the selling volume while the levels are on the verge of triggering a bullish crossover. With this, the TON price is required to maintain a healthy upswing and reclaim the levels above the support of the Gaussian channel. Only if the trend is sustained and heads toward the resistance of the channel, the indicator may shift to bullish. 

This could be when the Toncoin price begins with a fresh bullish run, setting up a steep upswing towards the upper resistance of the channel. However, the price has been failing to rise above $7.6 as the bears have capitulated to these levels. Meanwhile, the volume remains in the bullish favour, which has kept up bullish momentum alive.