Toncoin (TON) Price Prediction: Is a $6 Breakout Imminent?

Toncoin (TON) has faced resistance around the $6 mark. The token has aimed for a breakthrough. Yet the bull run remained ambitious

Toncoin (CRYPTO: TON) price showed signs of making higher highs and higher lows on the 1-day chart. It was trading within a falling wedge pattern, which indicated a possible breakout in the coming sessions.

A golden crossover between the 20-day and 50-day EMA suggested an upward momentum ahead.

However, the road to the $10 mark was still challenging for the bull army. Amidst the lack of volume spurt, the altcoin was hovering close to the 50% Fib retracement level, and it failed to generate upward thrust.

The Relative Strength Index (RSI) line approached the overbought zone, making 62 at press time. That line replicated signs of accumulation on the chart.

On the other hand, indecisiveness was observed on the ADX indicator, as the value still consolidates around the 32 levels.

A break above the $6 mark would clear the path toward the $8 and $10 mark for the coming sessions. The Know Sure Thing (KST) indicator showed signs of making higher highs and higher lows. That signaled a potential trend reversal to the upside could be imminent.

Looking at the derivatives data, the Open Interest (OI) has risen over 10.68% to $242 Million. The funding rate stood around 0.0559%, representing the bullish cues.

The immediate support zones were $5 and $4.30. At the same time, the resistance levels were $6.20 and $7.