- Toncoin (TON) has experienced significant volatility, bouncing back from $5 support but struggling to maintain upward momentum.
- The key level to watch is $5; if TON holds above it, a move towards $7 is possible, but a drop below could lead to further declines.
Toncoin (TON) has experienced significant price volatility, with fluctuations between key support and resistance levels. After peaking at an all-time high of $8.25 in June, TON has been navigating a corrective phase, raising questions about the sustainability of its current recovery.
Recent Price Movements
TON reached its peak of $8.25 on June 15, marking an 8.7% increase from its previous high on April 11. This surge, however, was short-lived, as TON faced a series of corrective declines. By August 5, the price had dropped to $4.70, matching its low from May 1. Finding support at this level, TON rebounded to $7.20 by August 14, only to encounter resistance and fall again.
Despite briefly bouncing off the $5 mark on August 26 and rising to $6 by August 28, TON’s price dipped below $5 on September 3, entering the final phase of an extended correction. A recovery commenced on September 6, with TON reaching $6.14 by September 28, but it soon returned to the $5 support level on October 9.
Technical Analysis and Patterns
The critical question now is whether TON’s recent recovery marks the beginning of a new bullish trend or is merely another corrective bounce before further declines. Since August 14, TON’s hourly chart has exhibited a five-wave downward pattern. The recovery up to August 28 appears to represent a corrective wave, with the subsequent decline completing this structure.
Notably, TON formed an inverted head-and-shoulders pattern after briefly falling below $5, suggesting a potential U-shaped bottom. A five-wave upward pattern emerged from September 6 to 14, indicating a possible impulsive move. This was followed by a retracement to $5 on October 10, which may represent an ABC correction, possibly the second sub-wave of an initial five-wave impulse to the upside.
Future Outlook
If TON maintains its position above the $5 support level and rebounds, it could signal the start of a bullish phase with a target of $7. However, a drop below $5 would invalidate this bullish scenario, indicating further declines below September levels.
TON Price Prediction
The key support level around $5 is crucial for TON’s future price action. A sustained recovery above this level could pave the way for a move towards $7, potentially signaling the start of a new bull phase. Conversely, failure to hold above $5 could lead to further declines, extending the corrective phase.
While Toncoin has shown resilience by bouncing back from $5, the uptrend lacks momentum. Traders should closely monitor the $5 support level, as it will play a pivotal role in determining TON’s next move.
