Could Toncoin rally to $7? Key price patterns suggest potential
The post Could Toncoin rally to $7? Key price patterns suggest potential appeared on BitcoinEthereumNews.com.
TON was navigating a large symmetrical triangle formation, suggesting a potential price move that could propel it toward $7. A nearer-term rally to $6 is conceivable but contingent on overcoming substantial selling pressure. Following a market-wide downturn that saw Toncoin [TON] value decrease by 8.0% over the past week to $5.135, the cryptocurrency is showing signs of recovery. It has risen by 2.41% in the last 24 hours, buoyed by strong support levels, with the price trend appearing to ascend. While TON targets a short-term goal of reaching $6.1, it encounters potential risks that could precipitate further declines. AMBCrypto provides an in-depth analysis of TON’s potential for a rally. Evolving patterns in TON’s market dynamics Previously, TON’s downturn was largely attributed to a fallback from a resistance line and breaching an ascending trendline. However, the scenario has shifted and now trades within a larger symmetrical triangle. This symmetrical triangle, typically a bullish indicator, is where Toncoin is currently trading. The recent uptick in its market value is linked to rebounds from the support edge of this pattern, resulting in two consecutive daily bullish candles. Despite the momentum of this rally, there are looming risks of a decline. TON is approaching a supply zone between $5.510 and $5.657, which could drag down its price further if the support fails to sustain buying pressure. Conversely, breaking past this level could propel TON towards a target of $6.1. Source: Trading View AMBCrypto has analyzed whether this rally can be maintained and if the short-term target of $6.1 is achievable. Sustained upward momentum in TON trading Recent trends indicate a rising momentum among traders interested in acquiring TON, as evidenced by two key indicators: the Chaikin Money Flow (CMF) and the Relative Strength Index (RSI). The CMF is an important technical tool that assesses…
Filed under: News - @ October 4, 2024 7:23 pm