Crypto analyst melikatrader94 on TradingView provided insights into the current trading dynamics of Toncoin (TON). He noted several key technical formations that suggest a promising outlook for the cryptocurrency.
The analyst began by pointing out a double bottom formation that has emerged around the 4.52 USDT mark. This classic reversal pattern indicates a significant shift in momentum, signaling the potential end of the previous downtrend and the beginning of a bullish phase.
Following this, melikatrader94 noted the neckline breakout at 6.20 USDT, which has been decisively surpassed with strong bullish candlesticks. This breakthrough validates the double bottom pattern and suggests that Toncoin may continue its upward movement.
He further explained that the price is currently trading within an ascending channel, characterized by higher highs and higher lows. This structure reinforces the notion of a robust bullish trend, indicating that the price is likely to fluctuate within defined boundaries while maintaining its upward trajectory.
The analyst identified a target zone around 7.60 USDT, which aligns with both the channel’s upper boundary and a significant psychological level. This projection suggests that if the bullish momentum continues, reaching this resistance level is a strong possibility.
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However, melikatrader94 also cautioned about the potential for a short-term pullback toward the 6.40-6.50 USDT range. He indicated that such a pullback would serve as a retest of the neckline and could present a valuable buying opportunity before the next upward movement.
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