Toncoin smashes all-time high, eyes $10+ long-term target

was in a strong uptrend. It reversed all losses the bears inflicted in the second half of April and set a newIn the 1-day timeframe, the market structure was bullish once again. The April retracement was followed by a bounce to $7 in the first half of May. This move was rejected at the 78.6% retracement level at $7.03.

The daily RSI has been above neutral 50 for more than a month, showing a steady uptrend. The reading of 68 at press time indicated hefty bullish momentum.A continued uptick in the CMF would be a strong sign that the prices would climb higher. The trading volume has also picked up over the past week.The Open Interest behind Toncoin has climbed from $180 million to $230 million within the past five days.

The funding rate was also positive and the market was more eager to go long than short on TON assets.

Source: News Formal (newsformal.com)

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