A chart analysis shared by TradingView analyst CobraVanguard suggests that Toncoin (TON) may be entering a bullish phase. The crypto’s price has shown signs of reversal after bouncing off a key support level.
These signs hint at the start of a potential 5-wave Elliott Wave upward movement. Additionally, this development could signal the end of a prolonged bearish correction, leading to higher price levels.
Toncoin’s Price Reversal
CobraVanguard’s analysis indicates that the price of TON has increased after hitting a crucial support level. The price action suggests that the falling corrective waves may have finished, suggesting the prospect of a bullish reversal.
source: CobraVanguard
Elliott Wave Theory, which postulates that a 5-wave impulsive rising trend may ensue after a corrective phase, is consistent with this action. In the upcoming days, traders may see higher highs and higher lows, further confirming the beginning of the expected bullish trend, if the current support level holds.
Wave Structure and Bullish Potential
The completion of the ABC corrective wave structure strengthens the case for a bullish breakout. According to CobraVanguard’s chart, Toncoin could be entering the early stages of a 5-wave upward movement. The first wave may already be forming, driven by the price bounce from the support level.
This potential bullish trend is further supported by Elliott Wave Theory, which suggests that the next phase after a correction is a strong upward movement. Traders should keep a close eye on the chart for confirmation of each wave’s formation.
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Key Levels to Monitor for Traders
Traders are advised to monitor the support level closely. If the price remains above this level, it will confirm the upward momentum and signal the continuation of the 5-wave pattern. Additionally, resistance zones should be identified as potential targets for the next price movements.
However, a break below the support level could invalidate the bullish scenario and lead to a continuation of the corrective phase. For now, the market shows early signs of recovery, but traders should remain cautious and watch for further confirmations.
The combination of strong support and the completion of the corrective wave structure indicates that Toncoin could be preparing for a major bullish run.
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The post Is Toncoin Price Ready for a Major Uptrend? Key TON Levels to Watch appeared first on CaptainAltcoin.
