Bullish Pattern Sets Toncoin Recovery To Target $2.45 Mark

Genesis-mining


Published 32 mins ago

Amid the ongoing recovery in the global market, the TON coin price boosts to complete a bullish pattern. With a neckline at $2, the pattern breakout rally can result in a 2.74% jump in market value in the coming days. Therefore, a breakout opportunity increases demand for Toncoin(TON).

Key points: 

The 1.35% intraday jump in the Toncoin price triggers the cup and handle pattern in the daily chart. 
A bullish crossover between the 50-and-100-day EMAs encourages a bullish trend. 
The intraday trading volume in the TON is $40 Million, indicating a 111% gain.

TON

HashFlare

Source- Tradingview

The TON coin price spiked 26.8% on 25th October, resulting in a jump from $1.45 to the bearish ceiling of $1.84, leading to a bullish engulfing candle. Thus, the price jump increases the bullish influence over the EMAs, resulting in a positive crossover of 20-and-100-day EMA. 

On deeper analysis, the altcoin price action inchoates a cup and handle pattern with a neckline at $2. Furthermore, the spike in the intraday trading volume supporting bullish theory to complete the aforementioned pattern. 

However, the higher price rejection in the daily candle reflects a strong bearish influence above $2, opposing the bullish breakout. Hence, traders hoping to ride the breakout rally must wait for the daily candle to undermine the selling pressure.

In such a case, the breakout rally will reach the next resistance level at $2.45, scouting for a 27.6% jump. 

On a contrary note, if the market sentiment gets worse, a reversal from the $2 resistance will extend the price correction.

Technical Indicator

Relative Strength Index: the daily-RSI slope exceeds the overbought boundary increasing the likelihood of a correction. 

DMI: the bullish gap between the DI lines increases after the 26.8% jump, with a spike in the ADX line reflecting a high-momentum bull run. 

Toncoin price intraday level

Spot price:1.82
Trend: Bullish
Volatility: Low
Resistance levels: $2 and $2.45
Support levels: $1.7 and $1.5

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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