Price Analysis

Channel Breakout Could Direct A 40% Hike In TON Price 

As Bitcoin marks a positive day, the TON price shows a trend reversal as it signals a breakout rally. With a bounce back from a confluence of solid support, Toncoin ranks amongst the top gainers and signals an uptrend continuation this week. 

As broader market recovery remains questionable, will the Toncoin uptrend remain on a bullish track? Or is a downfall imminent for this altcoin? Find out more about our detailed price analysis below.

Toncoin Price Performance

With a market cap of $18.36 Billion, the TON token ranks amongst the Top 10 crypto list. Further, the TON price has increased by 8.28% in the last 30 days, with a 12.74% jump in the last 24 hours. This reflects the overall downtrend in the last 30 days, which has finally taken a bullish stand.

Tradingview

As per the 4H chart, the TON price action highlights a bullish breakout of a falling channel pattern. Despite the death cross, the bounce back from $4.60, the altcoin surpasses the 50 EMA and reclaims the $5 mark.

Currently, the Toncoin trades at $5.38 with a second bullish candle in the daily chart. The overnight reversal makes a tweezer bottom in the 1D chart, bolstering the altcoin’s uptrend possibility. 

Technical indicators:

EMAs: Following the deathcross, the 50 and 200 EMA in the 4H chart remain sideways. With the recent recovery, the crucial EMAs could regain the positive uptrend in TON Price.

RSI: The 4-hour RSI slope shows a sharp uptrend from the oversold zone, highlighting a boom in the underlying bullishness. 

Will TON Price Hit $7.50?

As the Bitcoin remains volatile, the chances of an uptrend are slim. However, with a minor jump and increased chacnces of uptrend above $60,000 in BTC, the TON price reflects remarkable recovery. 

Hence, with a potential uptrend in the broader market, Toncoin could hit the $7.50 mark. 

SOURCE

Leave a Comment

s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a s3a