Is Toncoin (TON) Expected to Breakout Above $3?

Is Toncoin (TON) Expected to Breakout Above $3?

TON Price Breaks Out From 270-Day Resistance

The price of Toncoin (TON) has recently broken out from a descending resistance line, signaling a positive trend trend. Previously, the price had fallen under this resistance line after hitting a peak of $2.97 in December 2022. Nonetheless, 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 digital currency to a large user base of 800 million.

RSI Readings and Elliott Wave Count

The daily RSI readings for TON give mixed signals. Although while the indicator is increasing and over 50, it has likewise generated a bearish divergence, which suggests a probable top. Traders use RSI readings to determine if a market is overbought or oversold.

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From an Elliott Wave perspective, technical analysts believe that TON is as of now 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. Nonetheless, there is likewise a likelihood of a correction after reaching a top. The expected support levels for this correction are between $1.77 and $1.97.

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In conclusion, while TON is as of now experiencing a positive trend trend, traders should be cautious as there are signs of a probable top and subsequent correction in the near future.

Hot Take: TON’s Bullish Trend Faces Probable Resistance

The recent breakout of TON from a 270-day resistance line suggests a positive trend trend for the digital currency. Nonetheless, traders should pay attention to the RSI readings and Elliott Wave count, which indicate a possible top and correction. The target for the present upward movement is $2.77, but failure to reach this level could result in a 20% fall towards the $1.77-$1.97 region. It remains to be seen how long TON’s increase will continue and whether it will in the end reach its December 2022 high of $2.97.

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Author – Contributor at | Website

Bernard Nicolai emerges as a beacon of wisdom, seamlessly harmonizing the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the labyrinth of digital assets, Bernard’s insights echo like a resonant chord, touching the minds of seekers with diverse curiosities. His talent for deciphering the most intricate strands of crypto intricacies seamlessly aligns with his editorial finesse, transforming complexity into a captivating narrative of comprehension.

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