Does the bullish price action in Toncoin (TON) indicate a 15% rise to a new all-time high?

The cryptocurrency market has shown stable price action over the past few days after starting the month of July on a bullish note. Moreover, the top crypto tokens have successfully maintained their recent gains, indicating an increasing positive influence in the crypto space.

On the other hand, TON price continues to trade under a bullish sentiment by adding significant value to its portfolio in the past few days. With the rising bullish sentiment, will Toncoin price reach a new all-time high (ATH) in July?

TON Crypto Price Records Increasing Bullish Influence:

Amidst the increasing price volatility in the crypto space, Toncoin price continues to record bullish price sentiment for the fourth day in a row. This highlights the increasingly positive sentiment for the altcoin. Notably, the TON cryptocurrency has risen by 2.76 within the last day, representing a +14.96% change in trading volume.

Moreover, the TON token has been trading in an ascending channel pattern since May, indicating a long-term bullish sentiment. Moreover, with the recent surge, the price has regained momentum and successfully overcome its key resistance level of $7,680.

With a 4.03% increase over the past seven days, the price of Toncoin (TON) has successfully overtaken the largest memecoin, Dogecoin (DOGE), with a market cap of $17.886 billion, to secure the spot of the 8th largest cryptocurrency with a market cap of $19.432 billion.

Toncoin Market Sentiments:

The SMA technical indicator is consistently supporting the TON price chart on the 1D time frame, suggesting an increase in bullish sentiment for the Layer-1 token in the cryptocurrency market.

On the other hand, the Relative Strength Index (RSI) has successfully retested its midpoint, after which it recorded a consistent uptrend towards the overbought zone. Moreover, the average trend line is showing a positive curve, suggesting that the Toncoin price will continue to appreciate this week.

Will TON price reach a new ATH this July?

If the market sustains the TON crypto price above the $7,680 support level, the bulls will continue to gain momentum and prepare to set a new all-time high by heading towards the high of $8,880. If the price sustains at this level, Toncoin will be able to test its high of $10 in the coming period.

Conversely, if the bears overpower the bulls, the TON token will fall towards its support trend line of the channel pattern. If the bulls fail to sustain the price at this level, the Toncoin will fall to its low of $6.415 this month.