Toncoin Price Eyes $15 as Elliott Wave Theory Signals End-of-Correction

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As a seasoned crypto investor with over a decade of experience in this rollercoaster market, I’ve learned to read between the lines and trust the trends that are backed by sound technical analysis. The recent surge in Toncoin price, coupled with the bullish predictions based on Elliott Wave Theory and whale accumulation, has caught my attention.

On Monday during the U.S. trading hours, I saw another surge of buying interest in the crypto market, pushing Bitcoin up to a record-breaking $85,000. Investors seem determined to hold onto digital assets, fueling a powerful upward trend. In this bullish climate, crypto analysts are encouraging us to keep an eye on Toncoin‘s price action as it appears ready to break free from its corrective phase and potentially embark on the fifth wave according to Elliot’s theory.

As an analyst, I’m observing a surge in the value of TON today. Currently, it’s trading at $5.4, reflecting a notable intraday increase of 3.09%. This growth has propelled its market capitalization to a significant $13.89 Billion. Over the last 24 hours, the asset has seen a substantial trading volume of approximately $608.1 Million.

Toncoin Price Targets $15 as Elliott Wave Predicts Correction Phase End

In a recent tweet, market analyst CryptoBullet highlights a potential uptrend in TON according to Elloit wave theory. In the last four months, the Toncoin price witnessed a steady correction from $8.17 to $4.5, registering a 44.4% fall.

The $4.5 horizontal level coincides with an ascending trendline, providing the crypto buyers high area of interest to regain bullish momentum. Amid the U.S. election buzz, the Toncoin price followed the broader market recovery to revert immediately to the $5.4 level.

As an analyst, I’m observing that the recent revival is pushing against the significant resistance lines, suggesting a determined effort by buyers to break free from the corrective phase of Toncoin. This potential breakout could signify a shift in Toncoin’s price movement from the 4th wave correction to the subsequent 5th wave.

As an analyst, I’m observing a wave that seems to signal the culmination of our ongoing uptrend. This phase is characterized by prices hitting record highs due to rising optimism and increased speculative buying. If this wave pattern unfolds as anticipated, it could lead to a significant 122% surge, potentially pushing the price up to around $12. Afterward, I foresee an extended rally that might take us to approximately $18.

Whale Accumulation in TON Points to Potential Market Reversal

Based on data from Santiment, the proportion of Total Onion (TON) tokens held by the largest accounts has significantly risen from 23.5% to 29%. This trend suggests that big investors or “whales” are amassing more TON, a sign that they have growing faith in the asset’s long-term worth. This increased hoarding could also mean less selling pressure in the market, potentially indicating a more stable or bullish market scenario ahead.

As a researcher studying financial trends, I’ve noticed that the concentration of ‘smart money’ – strategic and well-informed investors – often sets the stage for significant market shifts. Over time, this accumulation can lead to a pivotal market reversal and the resumption of an upward trend.

Instead, should the sellers persist in maintaining the upward trend, the Toncoin price might experience a strengthened downward push and potentially extend the existing negative trend for longer.

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2024-11-12 00:16