The altcoin industry has signaled an inevitable bullish move ahead despite heightened fears of further capitulation towards the end of August and September. Bitcoin’s (BTC) dominance has already shown a potential cycle top after reaching a high of around 57.67 percent.
Amidst the anticipated historic altseason approaching, the rotation from cryptocurrencies to large cap altcoins can be noticed.
Furthermore, the approval of several spot Ethereum ETFs in the United States, the approval of the first spot Solana ETF in Brazil, and the conclusion of the SEC vs Ripple case have set the ball rolling for the altcoin industry.
Toncoin (TON) Price Bullish Breakout
Telegram-backed Toncoin (TON), a fast-growing layer-one network, has led most crypto assets since its bullish breakout to an all-time high earlier this year. The Web3-based blockchain has a total value of nearly $600 million, with a stablecoin market cap of over $619 million.
Toncoin’s strategic partnerships, including with Tether USDT, and thriving gamifi projects led by Hamster Combat and Notcoin (NOT), have contributed to TON’s positive outlook.
In addition, the recent listing of Toncoin on Binance, the largest cryptocurrency exchange in terms of users and daily traded volume, has contributed to a more positive outlook on TON’s price.
According to the latest market data, TON price has surged by over 8 percent since Monday and was trading around $6.66 during the early European session on Thursday. However, the altcoin must turn the 50-day moving average (MA) into a support level to maintain bullish momentum.
Fractal pattern with Bitcoin price action
According to reliable crypto analyst Ali Martinez, Bitcoin price could soon surge to $64,000 if a similar fractal breakout with TON price takes place. After significant resistance around $61,000, following the death cross between the daily 50 and 200 MAs, Bitcoin price has dropped to the support level around $58,000.
From a technical standpoint, Bitcoin price is on the verge of a major breakout on both sides, which will determine price trends in the coming months.
