TON Price Breaks Out From 270-Day Resistance
The price of Toncoin (TON) has recently broken out from a descending resistance line, signaling a bullish trend. Previously, the price had fallen under this resistance line after reaching a high of $2.97 in December 2022. However, the price bounced back and created a higher low in August, indicating buying pressure.
On September 15, after 270 days, the TON price broke out from the descending resistance line and reached a high of $2.54 the following day. This breakout coincided with the launch of the TON wallet on Telegram, which exposed the cryptocurrency to a large user base of 800 million.
RSI Readings and Elliott Wave Count
The daily RSI readings for TON give mixed signals. While the indicator is increasing and above 50, it has also generated a bearish divergence, which suggests a potential top. Traders use RSI readings to determine if a market is overbought or oversold.
From an Elliott Wave perspective, technical analysts believe that TON is currently in the fifth and final wave of an upward movement. The target for this wave is projected to be around $2.77 based on the length of previous waves.
TON Price Prediction: How Long Will Increase Continue?
Based on technical analysis, it is likely that TON will continue its upward movement towards the December 2022 high at $2.97. However, there is also a possibility of a correction after reaching a top. The expected support levels for this correction are between $1.77 and $1.97.
In summary, while TON is currently experiencing a bullish trend, traders should be cautious as there are indications of a potential top and subsequent correction in the near future.
Hot Take: TON’s Bullish Trend Faces Potential Resistance
The recent breakout of TON from a 270-day resistance line suggests a bullish trend for the cryptocurrency. However, traders should pay attention to the RSI readings and Elliott Wave count, which indicate a possible top and correction. The target for the current upward movement is $2.77, but failure to reach this level could result in a 20% drop towards the $1.77-$1.97 region. It remains to be seen how long TON’s increase will continue and whether it will ultimately reach its December 2022 high of $2.97.
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