Toncoin (TON) has recently shown bullish trends and had a strong rebound. The selling pressure decreased, leading to accumulation by bulls.

The price of Toncoin rallied after bouncing off the 50-day EMA and recovering by over 25% from the key support level of $5. Even in the face of a bearish global market, TON price has held on to its gains and maintained a positive outlook. Currently, Toncoin is trading at $5.38 with a 1.22% gain, reflecting a bullish sentiment. It also shows a monthly return of 7.20% and a yearly return of 187.29%.

The TON/BTC pair trades at 0.0000924 BTC with a market cap of $20.40 billion. Analysts are optimistic about the price of Toncoin, expecting a further bullish momentum in the upcoming sessions.

The recent momentum suggests that Toncoin might retest the $8 mark this month despite overall weakness in the market. The consistent uptrend since the start of March has propelled TON by 155% in the last two months. A significant range breakout recently displayed substantial bullish activity. Per the weekly chart, the trading volume has surged by 12.56% to $137.02 million.

With positive developments like Pantera Capital's investment in TON, there is potential for a bullish rally. Pantera Capital believes that TON's connection to Telegram's extensive user base can introduce cryptocurrency to a wider audience.

Key indicators suggest a bullish stance for Toncoin, with the MACD indicator showing a bullish crossover and the RSI indicating overbought conditions. The immediate support levels for TON are at $5.40 and $5, with key resistance at $6.20 and $6.50.

In conclusion, Toncoin is currently on a bullish trajectory, with the possibility of further gains if it breaks the $6 mark. It is essential to note that the views expressed in this article are for informational purposes only and should not be considered financial advice.