Toncoin price has formed a rare extremely bullish pattern, pointing to more gains in the coming weeks. TON token was trading at $5.6 on Tuesday, up by 27% from its lowest point this month as the number of on-chain activated wallets rose to 34.26 million.
Toncoin Price Forms Bullish Patterns
TON price has formed two bullish patterns, which could push it sharply higher in the coming months as the crypto bull run continues.
On the daily chart, the coin has formed a falling wedge chart pattern, which is characterized by two falling and converging trendlines. In most periods, this pattern usually leads to a strong bullish breakout when the two lines near their convergence zone.
Toncoin price has already moved above the upper side of this wedge pattern, pointing to more gains. Also, the coin formed a slanted triple-bottom pattern around $4.50. Like the falling wedge, this pattern is usually followed by a strong bullish breakout.
TON has also soared above the 50-day moving average and the strong pivot and reverse of the Murrey Math Lines. Therefore, the coin will likely have a bullish breakout in the coming weeks, with the next potential target being at $8.28, its all-time high, which is about 47% above the current level. In an X post, Captain Faibik, an analyst with 94k followers, estimated that it could soar to $11.80, a near 2x return.
The bullish TON price prediction will become invalid if the token crumbles below the ultimate support at $4.50. If this happens, the coin may drop to $3.76, the 61.8% Fibonacci Retracement level.
TON Blockchain Is Doing Well
Toncoin price has rebounded amid some bullish fundamentals. Data by Tonstat shows that the number of on-chain activated wallets has soared to over 34.26 million, much higher than January’s level of 1.08 million. This growth is a sign that the network is gaining traction among users.
Meanwhile, the number of accounts registered in the TON Blockchain has jumped to over 120 million, also higher than January 1st’s 4.2 million. The number of transactions per day has also continued rising.
Another potential catalyst for the Toncoin price is that some of its tap-to-earn tokens have bounced back in the past few days. Catizen (CATI) has jumped by 122% from its lowest point this month.
Similarly, Notcoin price has risen by 42%, while Hamster Kombat has risen by 64%. This is a sign that its ecosystem has started to bounce back.
Frequently Asked Questions (FAQs)
Toncoin price has formed a falling wedge chart pattern, pointing to more gains in the coming months. Most of these gains will be confirmed if the coin jumps above the year-to-date high of $8.2.
Some of the potential catalysts for the price of Toncoin are its growing ecosystem, the ongoing crypto bull run, and the fact that it has formed a falling wedge and a triple bottom pattern.
A drop below the key support at $4.50 will invalidate the bullish momentum since it will invalidate the triple bottom pattern.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/toncoin-price-is-ripe-for-a-2x-jump-as-a-rare-pattern-forms/
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