As a seasoned crypto investor with over a decade of experience navigating the volatile waters of the digital currency market, I’ve seen my fair share of bull runs and bear markets. Yet, Toncoin’s recent performance has caught my attention like never before.
On August 19, Toncoin (TON) made a remarkable jump of almost 9%, outperforming the overall cryptocurrency market that saw a minor 3% decline in the same timeframe.
As an analyst, I’ve observed that the surge in Toncoin’s value can be linked to a breakout from the Bump and Run Reversal (BARR) pattern. This indicates a possible prolonged uptrend in its price, which could be an exciting prospect for long-term investors.
Over the past few weeks, Toncoin’s price movement has closely mirrored the BARR pattern. This pattern usually starts with an initial drop, then a small rise, followed by another decline, and finally, a strong rebound phase where the asset overcomes significant resistance thresholds.
August 18 marked the run phase for Toncoin, as it successfully surpassed the previous downward trendline that had hindered its recovery, signaling a potential breakout.
The surge in activity suggests that the price increase for Toncoin is gaining traction. At present, it’s trading above not only its 50-day but also its 200-day exponential moving averages, both of which are climbing steadily, indicating a positive trend for Toncoin.
Given its current trajectory, Toncoin might be targeting a price point of around $9.50 by September, which represents approximately a 40% rise from its current value.
Lately, the fluctuations in Toncoin’s price and the BARR pattern suggest the formation of an “inverse head and shoulders” (IH&S) setup, which typically signals a reversal in trend. This IH&S pattern is characterized by three dips, with the middle dip being the deepest, below a horizontal line called the neckline.
Generally speaking, when I observe such a chart formation, I usually anticipate resolution when the price surpasses the neckline and subsequently rises by an amount equivalent to the vertical distance from the neckline to the lowest part within the pattern.
Based on our analysis when applied to the TON/USDT graph, we’re predicting an approximate price point of around $10 by September. This prediction aligns with the BARR pattern.
The positive outlook is reinforced by developments such as the launch of TON Ventures—a $40 million fund that supports early-stage projects on the TON blockchain—and Injectives’ integration with TON.
The increase in Toncoin’s value lately isn’t solely based on technical indicators; it also stems from positive fundamental news suggesting possible continued growth over the next few weeks. By September, experts predict a price range between $9.50 and $10 for Toncoin, indicating that it might continue its upward trend even amidst broader market fluctuations.
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2024-08-19 21:08