TONCOIN FORECAST FOR FURTHER GROWTH OR CORRECTION 🤔
Has Toncoin Price Hit Overbought After a 70% Weekly Surge?
The Toncoin price rising at a high momentum rally may need a minor pullback to regain strength. Should you wait for a dip?
However, an analysis of the daily time frame chart showed this consolidation as the formation of a bullish reversal pattern called inverted head and shoulder pattern.
On March 1st, the Toncoin price gave a bullish breakout from the pattern’s neckline resistance at $2.7 signaling a notable change in market dynamic. The post-breakout rally uplifted the coin price by 70% to reach the current trading price of $4.53. This bullish movement coincides with speculation around a potential Initial Public Offering.
According to Spot On Chain, a notable cryptocurrency whale — identified by the Ethereum address 0x1ee — has invested heavily in Toncoin. The whale’s transaction history shows a purchase of 209,237 TON, valued at around $852K worth of Ethereum (ETH), at an average price of approximately $4.07 per TON over the past day.
This accumulation hints that smart money traders do not expect an immediate top for the TON price and possibly a prolonged recovery.
As per the traditional pivot level, the recent price jump gives a deceive breakout from Resistance-4 level at $4.4, providing buyers another stepping stone to climb higher. With sustained momentum, the TON price may rise another 7.5% to meet the next immediate resistance at $7.85.
Technical Indicator
Relative Strength Index: The daily RSI slope to 90% indicates the buyers leading an overextended rally, and a minor pullback could allow them to recuperate strength.’
Pivot Levels: If the TON price enters a new correction from $4.4, the pivot levels of $3.9 and $3.4 stand as potential supports.
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Code:
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Wait for updates, my friends 💫
