Quick Reversal in TON Price Eyes A Breakout Run To $10 

The post Quick Reversal in TON Price Eyes A Breakout Run To $10  appeared first on Coinpedia Fintech News

With Toncoin’s TVL surpassing the $600 million milestone, the bullish growth continues in its market value. Ranking at #8 in the top 10 crypto and a market cap of $16.80 billion, TON price trades at $6.67 and an intraday gain of 3.25%. Will this bullish revival skyrocket the altcoin price to a new all-time high this month?

Toncoin Price Performance

TON price action reveals a resilient bullish cycle in motion with a 26% jump in the last 9 days. Impressively, the triple white soldier pattern forming over the last 3 days accounts for a 8.21% jump, which challenges the overhead resistance trendline. 

Tradingview

The recent V-shaped reversal in TON price from $5 failed to surpass the 50-day EMA and the resistance trendline. Thus, a bullish failure leads to a retest of the $6 breakout. 

The underlying demand at the psychological mark of $6 led to a post-retest rally, forming a morning star pattern. Despite facing multiple bearish reversals from the overhead resistance trendline, the ongoing recovery rally in TON prices teases a bullish breakout. 

As per the trend-based Fibonacci level, the $6 retest aligns with the 23.60% Fibonacci level, which results in the high-momentum reversal in action. 

Technical indicators:

EMA: The 20D EMA breaks below 50D and 100D EMA due to the crash in early August. 

MACD: The bullish crossover in the MACD and signal lines are gaining traction with a surge in positive histograms. Hence, a positive trend in the momentum indicator supports breakout chances. 

Will Toncoin Hit $10?

With a potential breakout, the Fibonacci levels estimate the TON coin price target at $7.47, the 50% Fibonacci level, or $8.95, the 78.60% Fibonacci level. Optimistically, a bullish trend continuation over the entire month can lead to a new all-time high at the $1.10 psychological mark. accounting for a price jump of 50%.

On the flip side, another bearish reversal from the overhead trendline will increase the pressure on the $6 support. Thus, increasing the breakdown chances. The next support levels are at $5.55 and $5.