After breaking out from the $2.30 horizontal resistance area, the Toncoin (TON) price only faces Fib resistance on its road to a new all-time high.

Toncoin is the native token of the TON blockchain, used for decentralized services and instant payments. It was initially created by Nikolai and Pavel Durov, but they left in 2020.

The Toncoin price has increased alongside an ascending support line since July 25. It bounced at the support line on Nov. 10 (green icon) and accelerated its rate of increase afterward. On Dec. 11, the TON price broke out from the $1.95 resistance area, which had been in place since the beginning of May. This was the third attempt at breaking out after the previous two were unsuccessful (red icons). In the four days since the Toncoin price has increased by 40%. 

On Dec. 14, Toncoin also broke out from the $2.30 resistance area, which is the final horizontal resistance prior to a new all-time high. The breakout was combined with an RSI movement above 70 (green icon).

If the upward movement continues, the next two resistance levels would be at $2.74 and $3.70. These are the 1.61 and 2.61 external Fib levels when measuring the most recent drop.

A daily close below $2.30 would indicate that the trend is bearish instead. In this possibility, the current breakout would only be a deviation.

It is also worth mentioning that there is some positive Toncoin news that could be aiding the increase. Firstly, TON announced that the TON/USDT pair is now available for futures trading in the gate.io exchange. Secondly, DefiLlama started tracking data on TON. Lastly, SafePal announced that they are the first hardware wallet to support TON integration.

The most likely wave count indicates that TON is in wave three of a five-wave upward movement (black). The sub-wave count is given in white, also stating that the price is currently in sub-wave three. This aligns with the rate of increase since wave three is usually the sharpest out of the five.

Currently, wave three has had 1.61 times the length of wave one. Therefore, this is a suitable level for a local top. Since TON is still in sub-wave three, another upward movement would then be expected.

Giving waves 1:3 a 1:2.61 ratio would lead to a high of $3.43, close to the previously outlined long-term resistance area.

A decrease below the wave one high at $1.99 (red line) would invalidate this bullish price forecast.

For BeInCrypto’s latest crypto market analysis, click here.

The post What’s Behind The 40% Toncoin Price Increase? appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

227 +