Toncoin Price Forms Bullish Patterns, Pointing to More Gains in the Coming Weeks
- Barbara StreisandOriginal
- 2024-11-20 03:54:10972browse
TON token was trading at $5.6 on Tuesday, up by 27% from its lowest point this month as the number of on-chain activated wallets rose to 34.26 million.
Toncoin price has soared sharply in the past few weeks, surging by more than 70% from its lowest point in March. The coin’s price was at $5.6 on Tuesday, which is about 27% above its lowest level this month. This strong performance has seen the coin’s total market cap rise to more than $5.1 billion.
On Tuesday, data from Footprint Analytics showed that the number of on-chain activated wallets rose to 34.26 million. This was a slight increase from the 34.18 million that were reported on Monday. The total number of on-chain transactions also rose to 34.26 million.
Toncoin price has formed two bullish patterns on the daily chart that could see it rise sharply higher in the coming months as the crypto bull run continues. The coin is trading within a falling wedge chart pattern on the daily timeframe. This pattern is usually formed by two falling and converging trendlines. In most periods, this pattern leads to a strong bullish breakout when the two lines near their convergence zone. Toncoin price has already moved above the upper side of this wedge pattern.
The coin also formed a slanted triple-bottom pattern on the chart, around the $4.50 level. This pattern is also usually followed by a strong bullish breakout, like the falling wedge.
On the 4-hour chart, TON price soared above the 50-day moving average and the strong pivot and reverse of the Murrey Math Lines. A bullish breakout from this zone usually leads to a strong rally of at least 30%.
Toncoin price will now be targeting the next resistance at $8.28, which is the all-time high and is about 47% above the current level. In an X post, Captain Faibik, an analyst with 94k followers, shared his thoughts on the next possible targets for Toncoin price. According to the analyst, the coin could soar to $11.80, a near 2x return from the current price.
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