Key points:
➫ The recent surge in the price of TON token, driven by the token’s listing on Binance, has completed a BARR Bottom pattern, indicating a potential 50% price increase.
➫ Technical indicators such as the RSI support a bullish reversal for TON, with a potential to reach $9.60.
➫ The growth of TON Blockchain, supported by strategic partnerships and an expanding ecosystem, reinforces the long-term bullish outlook for #Toncoin .
➫ The price of $TON jumped more than 20% a day after it was listed on Binance, the world’s leading cryptocurrency exchange by volume. The Telegram-linked cryptocurrency has erased losses from the August 5 market crash, raising expectations for a further recovery in the coming weeks.
➫ For starters, the BARR Bottom pattern is a technical analysis pattern that signals the end of a downtrend and the beginning of an uptrend. It consists of three phases: Lead-In, Bump, and Run.
➫ The “takeoff” phase reflects a steady and organized decline below the resistance of the downtrend line. Later, the price accelerates downward at a sharp angle, creating a sharp “bump” away from the trend line. Then, in the “run” phase, the price reverses sharply, returning to the original trend line, followed by a breakout above it.
➜ As a rule of technical analysis, traders determine the target of a BARR Bottom breakout by measuring the distance between the downtrend line resistance and the deepest point formed during the impact phase and adding the result to the breakout point.
➜ Applying the same principle to the daily chart of Toncoin would bring the BARR Bottom breakout target to around $9.60, which is 50% higher than current price levels.
➫ The bullish outlook picks up more signals from the daily RSI of TonCoin, which has risen from the oversold threshold of 30 and is now inside the neutral zone between 40 and 60. This shows that TonCoin has enough momentum to continue its ongoing reverse uptrend, which could at least lead to a breakout of the bottom of the Bar indicator in the coming weeks.
➫ Toncoin Fundamental Analysis: Does the Latest TON News Support the Bullish Outlook?
➜ The listing of Toncoin on Binance allows its 200+ million users to speculate on the price of #TON .
➫ However, what really guarantees the bullish outlook for TON in the coming weeks is the growth of its parent chain, the TON blockchain.
Telegram, the main supporter of the TON ecosystem - and thus Toncoin - aims to bring a billion users to the crypto sector by turning the TON ecosystem into the main gateway.
X10 CEO Ruslan Fakhrutdinov highlighted this, as they launched a hybrid trading platform and developed a Telegram-based mini-app to simplify digital asset trading for new investors.
➫ Preparing #hamsterkombat
($hamstr), a Telegram-based game with 300 million players, is launching a cryptocurrency on The Open Network.
Daily updates will provide players with the opportunity to earn in-game coins and delayed airdrops based on player activity.
➜ These updates underscore the growing demand for the TON Blockchain, which will lead to more TON token deployments in the future.
This is further evidenced by the total value locked (TVL) across the TON ecosystem, which has increased from 6.12 million TON to 97.76 million TON so far in 2024.
