Toncoin breaks out: Can TON reach its ambitious $8.30 target?

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  • Toncoin has broken out of a bullish pennant, with $6.03 resistance now in focus.
  • Market sentiment has realigned favorably, supported by MACD signals and strong on-chain metrics.

As a seasoned crypto investor with battle-scars from the 2017 and 2021 bull runs, I can confidently say that Toncoin [TON] has shown promising signs of breaking free from its consolidation phase. The recent surge, propelled by bullish pennant breakout, is reminiscent of those thrilling moments when you spot a green candle in the midst of a sea of red ones.

After breaking free from its extended period of price stability, Toncoin [TON] is now embarking on a fresh bullish phase.

Currently priced at $5.52, TON is showing a 3.22% growth as we speak, hinting at a potential substantial rise in the near future.

Will TON be able to maintain its current pace, surpass the barrier at $6.03, and aim for the challenging goal of reaching $8.30?

Breaking out of the bullish pennant

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TON’s latest surge beyond the bullish triangle formation indicates a crucial step forward, strengthening its optimistic forecast.

The drop in price (or the ‘breakout’) was confirmed when the pattern’s bottom level was successfully re-tested, acting as a launchpad for the ongoing upward trend.

As an analyst, I found that the previous price point of $6.03 served as a significant barrier for TON’s continued growth, having previously halted its upward trajectory.

Should TON successfully surpass the $6.03 mark with conviction, it might pave the way for potential increases, possibly reaching as high as $8.30. This level is significant because it mirrors past price patterns and essential Fibonacci ratios.

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Instead, if the price doesn’t reach $6.03, it could potentially fall back towards the $5.00 to $4.50 range, which acts as a strong support level. As a result, traders are keeping a close eye on TON’s upcoming actions.

TON’s rowing momentum

As a researcher analyzing market trends, I observed that technical indicators pointed towards a bullish outlook for Toncoin. Specifically, after a dip, Toncoin managed to reclaim the 0.786 Fibonacci retracement level at $5.79. This suggests a potential recovery and stability in the market. If this trend continues, the next significant target could be the 1.618 Fibonacci extension level at around $7.12. This area may offer resistance, so it’s important to keep an eye on price action there.

At a value of $8.72, the Fibonacci level of approximately 2.618 corresponds with optimistic forecasts, strengthening the prediction that the price may drop to around $8.30.

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Furthermore, the MACD (Moving Average Convergence Divergence) supported rising momentum. In detail, the MACD line was at 0.079 and the signal line was positioned at 0.070, resulting in a positive crossover, which is generally interpreted as a bullish sign.

Additionally, the histogram has moved upwards to 0.009, suggesting an increase in buying activity. This trend suggests a growing momentum, potentially pushing prices upward in the coming days.

On-chain signals highlight investor confidence

Data from on-chain contributes positively to the optimistic outlook, while network growth stayed steady at a 0.86% increase, other indicators point towards a potentially bullish trend.

To give you an idea, the In-the-Money measure showed 2.64% bullishness, which means that a higher proportion of owners are earning a profit.

As a crypto investor, I’ve noticed an uptick in activity from the big players, with whale concentration increasing by 0.04% and large transactions spiking by 5.97%. This suggests that high-value investors are becoming more confident in their investments.

Market activity is surging

The data on liquidations highlights the growing attention towards Toncoin, as at this moment, a total of $79,910 worth of short positions and $35,850 worth of long positions have been liquidated.

This suggested heightened trading activity as traders positioned themselves for TON’s next move. 

Based on favorable technical factors like the MACD crossing over, increasing Fibonacci levels, and robust on-chain statistics, The Open Network (TON) looks poised for a potential surge past $6.03 towards $8.30.

If the momentum continues for Toncoin, it might trigger a wider market surge, reinforcing its uptrend. The upcoming days are crucial to validate this optimistic outlook.

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2024-11-17 10:48