TON hits new ATH
Toncoin (TON) exhibited noteworthy price action last week, starting the week strong after a massive 8.6% increase on June 2. This impressive surge allowed the Telegram-based asset to close above $6.8 for the first time in three weeks.
TON maintained the bullish trajectory until it clinched a new all-time high of $7.86 on June 5. This figure surpassed the previous all-time high (ATH) of $7.67 that was attained in April.
Despite witnessing considerable declines in the days that followed, Toncoin closed last week with an 11% increase. However, it generally recorded a drop in its on-balance volume (OBV) throughout the week.
TON’s OBV dropped from 155.3 million to 127.8 million tokens last week. This divergence suggests that it might not have enough strength to sustain the uptrend into the new week.
Should a correction occur, TON’s immediate resistance rests on the 23.6% Fibonacci retracement ($6.969).