cThe crypto market experienced a roller coaster ride this week. It initially surged with excitement following the US SEC’s approval of the spot ETH ETF, but later faced a correction period driven by Bitcoin. This caused broader market uncertainty with most of the major altcoins including TON witnessing a sideways action. The Toncoin price is currently trading at $6.4 and trying to stabilize above $6 physiological support. Will the correction trend extend or buyers could counterattack at the $6 floor?
Also Read: Toncoin Price Forecast Hints a Risk of 25% Fall Amid Emerging Double Top Pattern
On May 11th, the Toncoin coin witnessed a bearish reversal from the $7.5 resistance. This turnaround tumbled the coin price by 20% to hit support at a $6 psychological level. These two reversals within five weeks from the same resistance signal the formation of a bearish pattern called double top.
If the pattern holds true, the sellers could lead a 27% downfall only to complete the first part of the setup and challenge neckline support at $4.7.
Based on the analysis shared by Joao Wedson from CryptoQuant, it’s evident that the TON Network has seen a notable surge in high-value transactions. Throughout 2024, there’s been a dominant trend of transactions exceeding $1 million, which represents a significant portion of the on-chain volume for TON.
