$TON Price Eyes Bullish Breakout Amid Reversal Pattern Formation - CoinGape Analytics

The Toncoin price daily chart shows a V-shaped recovery in the first two weeks of August. The bullish turnaround uplifted the asset from $4.72 to $6.8 high, registering a 44.6%. 

Although the coin price reverted slightly from the recent sell-off, this pullback suggests the potential formation of an inverted head and shoulders pattern. This chart pattern consists of three troughs, with the middle trough (the head) being deeper than the two others (the shoulders), typically indicating a reversal from a downtrend to an uptrend.

A bullish crossover between the MACD (blue) and signal (orange) lines accentuate this asset’s renewed recovery momentum.  Under the influence of the reversal pattern, the Toncoin price could breach $6.86, setting the stage for a 32% rally to $9. On the other hand, if the TON price breaks $6 support, the seller will drive a 27% fall to $4.7, invalidating the bullish thesis.