Toncoin Price Is Ripe For a 2X Jump As A Rare Pattern Forms

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As a seasoned crypto investor with over a decade of experience in this dynamic market, I find the recent bullish trends surrounding Toncoin quite intriguing. Having weathered numerous market cycles and witnessed the rise and fall of countless digital assets, I can confidently say that the current pattern formation on TON‘s chart is something I haven’t seen in a while.

The Toncoin price has displayed an unusual very optimistic structure, suggesting potential further increases in the approaching weeks. As of Tuesday, the TON token was trading at $5.6, marking a 27% rise from its lowest point this month. This upward trend follows an increase in the number of active wallets on the Toncoin network to 34.26 million.

Toncoin Price Forms Bullish Patterns

The cost of TON might rise significantly over the next few months due to the emergence of two positive trends, suggesting a potential bull market ahead as the crypto rally persists.

On the daily graph, the digital currency exhibits a falling wedge chart formation, marked by a pair of downward-sloping lines that gradually come closer as they approach an intersection area. Typically in many cases, this pattern often precedes a powerful bullish surge following the convergence zone.

As a crypto investor, I’ve noticed an exciting development with Toncoin. The price has surpassed the upper boundary of a wedge formation, suggesting potential for further upward momentum. Moreover, it seems to have formed a slanted triple-bottom pattern around the $4.50 mark. Similar to a falling wedge, this triple-bottom pattern often precedes a robust bullish breakout, which could be promising news for us investors.

The TON coin has climbed over its 50-day moving average and has seen a powerful shift in the Murrey Math Lines, suggesting a potential bullish surge in the upcoming weeks. This bullish trend might propel the coin’s value towards its historic peak of $8.28, which is approximately 47% higher than its current price. Furthermore, analyst Captain Faibik, with a following of 94k, anticipates that TON could reach as high as $11.80, potentially doubling its current value in his estimation.

If the value of TON falls below its crucial support level of $4.50, the bullish forecast for its price might no longer hold true. In such a case, the token could potentially slide down to the 61.8% Fibonacci Retracement point, which is approximately $3.76.

TON Blockchain Is Doing Well

As an analyst, I’ve noticed a significant surge in Toncoin price, which I attribute to some encouraging fundamental factors. According to Tonstat data, the number of active on-chain wallets has skyrocketed to over 34.26 million, significantly exceeding the 1.08 million recorded in January. This notable growth suggests that the network is experiencing increased adoption by users, a positive sign for its future potential.

In recent times, the number of accounts on the TON Blockchain has surged past 120 million, which is significantly more than the 4.2 million recorded on New Year’s Day. Furthermore, the daily transaction volume shows a consistent upward trend as well.

A potential factor influencing Toncoin’s price is the recovery of some of its tap-to-earn tokens over the last few days. For instance, Catizen (CATI) has surged by 122% from its lowest point this month.

In the same vein, the value of Notcoin increased by 42%, and Hamster Kombat saw an increase of 64%. This suggests a recovery in their respective ecosystems.

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2024-11-19 20:06