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Highlights
- A correction to 50% retracement is considered healthy for a long-term uptrend with buyers remaining as the dominant force of the market
- The Toncoin price breakout from the wedge pattern signaling the end of the correction.
- The intraday trading volume in Toncoin is $778.6 Million, indicating a 84% gain.
Toncoin Price Forecast: Since the beginning of May, the cryptocurrency market has been on a recovery path, with Bitcoin demonstrating stability above $60,000. Following Bitcoin’s lead, most major altcoins also gained momentum. Notably, the TON price established a local bottom at $4.75 and experienced a V-shaped recovery. This bullish turnaround resulted in a 44% gain within two weeks and broke through the resistance of a falling wedge pattern, indicating the potential for a continued rally.
Also Read: Bloomberg Reveals Reasons Behind Bitcoin, ETH, SOL, XRP, SHIB Prices Crash
How Toncoin’s Correction Paves the Way for a Surge to $22.5
From April 10th to May 1st, the Toncoin price witnessed a steady correction under the influence of a flag pattern. The bearish reversal tumbled the asset value from $7.68 to $4.6 registering a loss of 40%. In theory, this chart pattern provides buyers with a short pullback to restore their strength and initiate the next leap.
Furthermore, the retracement found suitable support at the 50% Fibonacci retracement level— a key area of interest known to offer renewed recovery momentum. As the Bitcoin price recently reclaimed the $60000 mark, most of the major altcoins, including Toncoin witnessed a sharp reversal.
On May 9th, the renewed buying force in TON price gave a decisive breakout from the pattern overhead trendline as a signal to resume the prevailing rally. The 4.66% intraday which propelled the altcoin to $6.7 provides a suitable follow-up for a bullish recovery.
With sustained buying, the Toncoin price could 38% to hit $9.23. However, a more ambitious target with respect to the bullish pattern is the $22.5 mark.
Amid the potential rally, the coin price could be witnessed in between resistance at $7.67, $10, and $15.
Technical Indicator
- Exponential Moving Average: The TON coin price climbing back above the 20 and 50-day EMAs suggests a shift back to bullish sentiment in the short term, which aligns with its broader upward trend
- Average Directional Index: The daily ADX slope at 18% indicates the buyers have sufficient momentum to lead a prolonged rally as prior correction replenished the exhausted bullish momentum.
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