The bullish scenario has TON’s price rallying 65% in July if the classic bullish continuation breakout setup plays out.
Toncoin (TON), a cryptocurrency associated with the popular Telegram platform, has surged 34.50% month-to-date to reach $8.33 on June 14. Nonetheless, owing to a mix of bearish catalysts, it now risks a sharp correction during the remainder of the month.
The ongoing run-up in the Toncoin market has pushed its daily relative strength index (RSI) to 67.87 — roughly two points below the overbought threshold of 70. This signal has typically preceded sharp TON price pullbacks, as shown below.
More downside cues come from TON’s price testing a multiweek horizontal trendline resistance. Should a correction ensue, the next downside target will likely be the support confluence comprising an ascending trendline and the 50-day exponential moving average (50-day EMA; the red wave) at around $6.55.
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Source: https://cointelegraph.com/news/toncoin-correction-ton-price-34-2-weeks