Channel Breakout Could Direct A 40% Hike In TON Price
The post Channel Breakout Could Direct A 40% Hike In TON Price appeared first on Coinpedia Fintech News
As Bitcoin marks a positive day, the TON price shows a trend reversal as it signals a breakout rally. With a bounce back from a confluence of solid support, Toncoin ranks amongst the top gainers and signals an uptrend continuation this week.
As broader market recovery remains questionable, will the Toncoin uptrend remain on a bullish track? Or is a downfall imminent for this altcoin? Find out more about our detailed price analysis below.
Toncoin Price Performance
With a market cap of $18.36 Billion, the TON token ranks amongst the Top 10 crypto list. Further, the TON price has increased by 8.28% in the last 30 days, with a 12.74% jump in the last 24 hours. This reflects the overall downtrend in the last 30 days, which has finally taken a bullish stand.
As per the 4H chart, the TON price action highlights a bullish breakout of a falling channel pattern. Despite the death cross, the bounce back from $4.60, the altcoin surpasses the 50 EMA and reclaims the $5 mark.
Currently, the Toncoin trades at $5.38 with a second bullish candle in the daily chart. The overnight reversal makes a tweezer bottom in the 1D chart, bolstering the altcoin’s uptrend possibility.
Technical indicators:
EMAs: Following the deathcross, the 50 and 200 EMA in the 4H chart remain sideways. With the recent recovery, the crucial EMAs could regain the positive uptrend in TON Price.
RSI: The 4-hour RSI slope shows a sharp uptrend from the oversold zone, highlighting a boom in the underlying bullishness.
Will TON Price Hit $7.50?
As the Bitcoin remains volatile, the chances of an uptrend are slim. However, with a minor jump and increased chacnces of uptrend above $60,000 in BTC, the TON price reflects remarkable recovery.
Hence, with a potential uptrend in the broader market, Toncoin could hit the $7.50 mark.
