Toncoin gains 4%, reaching $5.45, sparking attention among active investors.
The token's upward trend is backed by stable support and investor demand.
Analysts see potential for Toncoin to reach $15, marking a strong bullish outlook.
Over the past 24 hours, Toncoin has been scaling up the market with a 4.00% gain, which has resulted in its current price of $5.45. TON’s charts clearly depict a bullish trajectory indicated by the green upward illustration from a support level of $5.329 to its current price tag. With the token's rise being imminent, this is a clear indication of how investors have been constantly active with the token. Moreover, the market cap has also not been contradictory with the market’s movement, as it has also been rising steadily, resulting in its current pricing of $13.87B and a 4.02% rise.
Furthermore, the trading volume has also followed the track, as it is also being priced at $413.17M with an impressive 17.00% rise over the previous day.
Source: Coinmarketcap
Toncoin Surges 4% as Analysts Predict Strong Bullish Momentum Ahead
With the token’s rise being imminent, traders and market enthusiasts have been active about it and have posted and tweeted on the X website. The crypto patel presented a chart that provides a technical analysis of Toncoin (TON) on a weekly timeframe, highlighting a potential bullish trajectory. Beginning with a sharp price drop of approximately 86.43% in early 2022, Toncoin subsequently formed a symmetrical triangle pattern, which is typically a continuation pattern.
https://twitter.com/CryptoPatel/status/1855268043901005953
This symmetrical triangle indicates a period of consolidation with decreasing volatility as buyers and sellers balanced. Following an important breakout from this triangle, the price saw a marked upward trend, reaching a new peak (labeled as point 3) before experiencing a slight correction to point 4, where it established support. The analysis suggests that Toncoin is set for a bullish continuation, with the expectation of a fifth wave surge that could drive the price towards a target of around $15, representing a potential increase of 650% from the current level. This projection aligns with Elliott Wave Theory, where the current pattern follows a five-wave structure, typically observed in bullish markets.
If Toncoin maintains its support levels and successfully moves past the current consolidation phase, it may confirm a bullish trend continuation into 2025. Investors and traders are likely watching these technical indicators closely, as such patterns are often associated with strong upward price movements, although they carry inherent risks if market conditions shift unexpectedly.
The post Toncoin Price Soars 4% with Potential for $15 as Bullish Momentum Grows appeared first on Crypto News Land.
