With a rounding bottom pattern and an intraday recovery making Toncoin (TON) a top performer, buyers anticipate a $10 target. Is this the best time to buy Toncoin?
Amid the recovering market, Toncoin is one of the top performers today, with an 8.25% jump in the past 24 hours. As the altcoin market gains momentum, the Toncoin bull run teases a breakout run for a high momentum trend reversal rally. Will this uptrend result in a price jump to $10? Let’s find out.
Toncoin Recovery Eyes $7.10 Breakout
The 4-hour chart reveals the Toncoin price, which is undergoing a recovery rally. Further, the altcoin completes the five-wave Elliot Wave pattern, which results in a rounding bottom pattern with a neckline at $7.10.
The bullish trend also forms a supporting trendline and teases a potential crossover in the 50 and 200 SMA. Furthermore, the MACD indicator shows a bullish trend in the MACD and signal lines.
Hence, the growing possibility of a golden crossover in the 4-hour chart and the positive momentum reflected by the MACD indicator bolsters the possibility of a bullish breakout.
Additonal technical indicators from Tradingview maintain an overall bullish sentiment for Toncoin. With 13 buy signals, 9 neutral, and 3 sell signals, the bulls maintain a stronger position.
The notable buy signals are given by the MACD indicator, all the crucial exponential and simple moving averages except the 100-SMA. Further, the prominent sell signals are given by the momentum indicator and Williams percentage range with a negative value of 19.60%
Bulls Accumulate More Than 80% of TON Supply
Also, based on data from IntoTheBlock, the Global In & Out of the Money (GIOM) indicator reveals 4.8 billion $TON tokens are held by profitable addresses. Meanwhile, 32.98 million TON tokens worth $226 million is out of the money. This makes 15.58% or $5.35 billion worth of 778.23 million $TON tokens at the money.
Will Toncoin Hit $10?
The recent 4-hour candle reveals a bearish pullback, with the 2.14% decline threatening a breakdown of the rounding bottom. Nevertheless, a push from the support trendline and the 200-SMA dynamic support could result in a potential cup and handle.
A bullish breakout of the $7.10 neckline will result in a breakout rally to the overhead resistances. The next resistance levels are at $8 and $9.50. Optimistically, the uptrend is likely to reclaim the $10 psychological mark for a new all-time high.
On the contrary, if the increased supply breaks below the support trend line, the next support levels are at $6.27, which is the 100-SMA in the 4-hour chart, and the $5.80 horizontal level.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
