Toncoin reached its downside target from a rising wedge pattern, achieving a 60% profit.
Chainlink is testing a crucial multi-year support zone, indicating potential for bullish move.
Current data shows that Toncoin and Chainlink are experiencing notable price changes.
Crypto markets have seen notable movements recently, particularly in Toncoin (TON) and Chainlink (LINK), driven by significant technical patterns and key support levels. Analysts have highlighted these developments, offering insights into potential future price actions.
Toncoin (TON) recently demonstrated a classic bearish reversal pattern known as the rising wedge. This pattern, characterized by two converging trendlines showing higher highs and higher lows, indicated a narrowing range that often precedes a decline. The price of TON eventually broke down from this pattern, confirming the bearish trend.
The measured move from the breakdown met the expected target, showcasing the effectiveness of technical analysis in predicting price movements. This decline was further validated by the interaction with the 50-day Exponential Moving Average (EMA50). Notably, Crypto Bullet, a well-known analyst, asserted that TON gained a +60% profit using 2x leverage on this trade. This suggests that the actual price drop was around 30% from the breakdown point, highlighting the potential for significant gains in volatile markets.
$TON was showing the way
Downside target reached
+60% profit gained with 2x leverage https://t.co/zDx9NjFOJq pic.twitter.com/0qpK3mIFUc
â CryptoBullet (@CryptoBullet1) August 7, 2024
In another development, analysis by World Of Charts revealed that Chainlink (LINK) is currently testing a multi-year support zone that has historically acted as a strong price floor. This area, marked by horizontal lines on the chart, has been revisited multiple times, underscoring its importance.Â
$Link
Testing The Crucial Multi-Year Support Area, A Successful Retest Can Send The Link Towards A New All-Time High In The Coming Months. Adding More #Link Here For The Mid-Term pic.twitter.com/YuDSDxCFU9
â World Of Charts (@WorldOfCharts1) August 7, 2024
Recent price action has seen LINK approach this crucial support level, a critical juncture that could determine its future trajectory. World Of Charts suggests that a successful retest of this support could propel LINK towards new all-time highs in the coming months. This potential bullish move is supported by the chartâs upward projection, indicating investor confidence in LINKâs ability to hold above this key support level.
Chainlink Dominates ERC-20 Rankings with Highest Development Activity
The current market data aligns with these technical analyses. At press time, Toncoin is priced at $5.75 with a 24-hour trading volume of $392,498,107. It reflects a 5.14% price increase in the last 24 hours but a 15.64% decline over the past seven days. This volatility underscores the importance of understanding technical patterns like the rising wedge.Â
Meanwhile, Chainlink is valued at $10.31, with a 24-hour trading volume of $396,062,861. LINK has seen a 3.76% price increase in the last 24 hours but a 21.64% decline over the past week. This data highlights the significance of the multi-year support area and the potential for a strong rebound if this level holds.
The post Toncoin Gains 60% Profit, Chainlink Eyes New Highs: Analysis appeared first on CryptoTale.
