Toncoin (TON) Next Price Target: $6 coming?

Toncoin has shown resilience and an upward trend in recent weeks, breaking critical resistance levels and maintaining a bullish trajectory.

Falling Wedge usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.

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TONCOIN Crypto Price Target

• Price: $5.49
• Market Cap: $18.75 billion
• 24-Hour Trading Volume: $514.33 million
• Circulating Supply: 3.41 billion TON
• Total Supply: 5.12 billion TON

Price is in a Downtrend, however, it had a bullish breakout from Falling Wedge pattern, which could signal at least a temporary bullish trend reversal with +10% upside potential to $6.00 resistance near-term.

If it breaks above $6.00 and above 200-day moving average (~$6.17), it could resume its Uptrend, with upside potential back to $10 thereafter.

Weekly Price Analysis

Toncoin started the week at approximately $5.17 and experienced mild fluctuations. Despite a slight dip mid-week, it rebounded to maintain its position above $5.40, hinting at strong support levels.

Trend: Short-term trend is Up, Medium-term trend is Down, Long-term trend is Strong Down.

Momentum is Bullish ( MACD Line crossed above MACD Signal Line) ABOVE days ago. Price is neither overbought nor oversold currently.

Support and Resistance: Nearest Support Zone is $4.70. Nearest Resistance Zone is $6.00, then $6.75.

Technical Indicators

• Relative Strength Index (RSI): 62.8 (Neutral to bullish sentiment)
• Moving Averages: Positive crossover in short-term MA, suggesting continued upward momentum.
• Long/Short Ratio: 1.08 (Bullish sentiment among traders)
• Resistance Levels: $5.60 and $6.00
• Support Levels: $5.10 and $4.80

News Highlights

• Increased Trader Activity: Trading volumes surged by over 100% recently.
• Bullish Breakout: Analysts are optimistic about Toncoin surpassing $6.00 and possibly targeting $8.30 in the near future.
• Ecosystem Developments: Toncoin’s adoption continues to grow, with strategic initiatives bolstering its network activity and utility.

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