#Toncoin peaked at $7.67 in March and retraced to a low of $4.60 on Wednesday, representing a significant 40% decline.
Currently, Toncoin displays characteristics of a morning star pattern, suggesting a potential reversal and an upward trajectory in price.
Analysis of the 4-hour chart indicates a bullish breakout from a falling channel pattern, signaling a transition towards upward momentum.
Despite encountering a recent death cross, $TON rebounded from the $4.60 support level and successfully exceeded the 50-period Exponential Moving Average, reclaiming the $5 threshold.
Toncoin is presently trading at $5.30, with a second bullish candle forming on the daily chart.
An overnight tweezer bottom pattern emerged on the 1-day chart, providing additional support for a potential continuation of the uptrend.
With the broader market signaling a potential uptrend, #Toncoin could potentially target the $7.50 mark.
According to Coingabbar Price Prediction, Conversely, a reversal in the trend could result in a loss of bullish momentum, potentially leading Toncoin to test support levels at $4.50, followed by $3.30.
KEY LEVELS :
RESISTANCE LEVEL : $6.00-$7.50
SUPPORT LEVEL : $4.50-$3.00
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
