During today’s trading session, the price of Toncoin (TON) saw a notable 10% increase, which stands out from the overall red trend of the crypto market.
After hitting a low of $1.74 on Friday early in the weekend, the TON/USD pair rose to an intraday peak of $1.95. As a result, Toncoin rose to its strongest point since May 24 just above $2.00.
Daily chart of TON/USD
This rally comes on the back of the 14-day Relative Strength Index (RSI) recovering to the 75.00 level after jumping above 83.00.
The price is highly overbought, but this has not stopped the bulls from continuing to push the TON price up. However, the situation could turn into a bear trap and a trend reversal may occur in the not so distant future