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.Toncoin [TON] has finally broken free from its prolonged consolidation, signaling the beginning of a new bullish chapter.
Trading at $5.52 with a 3.22% increase at press time, TON appeared poised for a significant upward rally.
The critical question is, can TON sustain its momentum, break past $6.03, and reach the ambitious target of $8.30?
Breaking out of the bullish pennantTON’s recent breakout from its bullish pennant pattern is a pivotal move, solidifying its bullish outlook.
This breakout was validated by a successful retest of the pattern’s lower boundary, which provided the springboard for the current rally.
The $6.03 resistance remained the immediate hurdle, as this level has previously capped TON’s upward movements.
If TON manages to decisively break above $6.03, it could open the doors to higher targets, including $8.30, which aligns with historical price action and key Fibonacci levels.
Conversely, failure to clear $6.03 might lead to a pullback toward the $5.00-$4.50 support zone. Therefore, traders are closely monitoring TON’s next move.
TON’s rowing momentumTechnical indicators painted a bullish picture. The Fibonacci retracement levels showed Toncoin reclaiming the 0.786 level at $5.79, with the 1.618 extension at $7.12 acting as the next key target.
The 2.618 Fibonacci level at $8.72 aligned with bullish projections, further supporting the $8.30 target.
Additionally, the MACD indicator confirmed increasing momentum. Specifically, the MACD line was at 0.079, while the signal line stood at 0.070, creating a bullish crossover.
