Bullish Pattern Sets Toncoin Recovery To Target $2.45 Mark
Amid the ongoing recovery in the global market, the TON coin price boosts to complete a bullish pattern. With a neckline at $2, the pattern breakout rally can result in a 2.74% jump in market value in the coming days. Therefore, a breakout opportunity increases demand for Toncoin(TON).
Key points:
- The 1.35% intraday jump in the Toncoin price triggers the cup and handle pattern in the daily chart.
- A bullish crossover between the 50-and-100-day EMAs encourages a bullish trend.
- The intraday trading volume in the TON is $40 Million, indicating a 111% gain.
Source- Tradingview
The TON coin price spiked 26.8% on 25th October, resulting in a jump from $1.45 to the bearish ceiling of $1.84, leading to a bullish engulfing candle. Thus, the price jump increases the bullish influence over the EMAs, resulting in a positive crossover of 20-and-100-day EMA.
On deeper analysis, the altcoin price action inchoates a cup and handle pattern with a neckline at $2. Furthermore, the spike in the intraday trading volume supporting bullish theory to complete the aforementioned pattern.
However, the higher price rejection in the daily candle reflects a strong bearish influence above $2, opposing the bullish breakout. Hence, traders hoping to ride the breakout rally must wait for the daily candle to undermine the selling pressure.
In such a case, the breakout rally will reach the next resistance level at $2.45, scouting for a 27.6% jump.
On a contrary note, if the market sentiment gets worse, a reversal from the $2 resistance will extend the price correction.
Technical Indicator
Relative Strength Index: the daily-RSI slope exceeds the overbought boundary increasing the likelihood of a correction.
DMI: the bullish gap between the DI lines increases after the 26.8% jump, with a spike in the ADX line reflecting a high-momentum bull run.
Toncoin price intraday level
- Spot price:1.82
- Trend: Bullish
- Volatility: Low
- Resistance levels: $2 and $2.45
- Support levels: $1.7 and $1.5
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