Bitcoin

Toncoin

Polkadot

Toncoin Price Forecast: TON, the native cryptocurrency of the <a href="https://coingape.com/markets/key-levels-to-watch-if-toncoin-price-discovery-mode-week/" rel="noopener noreferrer nofollow">Toncoin</a> network, has been underperforming the broader crypto market since last week. While most of the major altcoins witnessed notable gains from the Bitcoin price recovery above $65000, the TON price reverted sharply from the $7.5 resistance. The bearish reversal tumbled the asset by 17% to currently trade at $6.5 mark. Will the correction extend and BTC recovery will change the tide?
Also Read: <a href="https://coingape.com/sponsored/analysts-predict-10-price-target-for-rollblock-rblk-before-toncoin-ton-and-polkadot-dot/" rel="noopener noreferrer nofollow">Analysts Predict $10 Price Target for Rollblock (RBLK) Before Toncoin (TON) and Polkadot (DOT)</a>
<h2 id="b-toncoin-price-forecast-key-support-levels-to-watch-b">Toncoin Price Forecast: Key Support Levels to Watch</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/3/3um7Pyi2.png" alt="OKX:TONUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Toncoin Price Forecast| Tradingview
 </figcaption>
</figure>
The first half of May month was strongly bullish for Toncoin as the price jumped from $4.6 to $7.5, registering 63% growth. However, the recovery witnessed a major roadblock at All-time high resistance of $7.5.
The renewed supply pressure at this resistance plunged the <a href="https://coingape.com/trending/toncoin-faces-weekly-liquidations-heres-why/" rel="noopener noreferrer nofollow">TON price</a> to $6.5 immediately. An analysis of the daily chart showed this reversal as the formation of a double-top pattern. This chart pattern is commonly observed at market tops reflecting the building supply pressure for a notable downtrend.
<blockquote>
 If the bearish momentum persists, the Toncoin price could breach the $6.2 support, favoring sellers to lead to a prolonged correction. The post-breakdown fall could tumble the altcoin value by 24% to hit the neckline support of $4.7, thus, completing the initiation formation of this pattern.
</blockquote>
A breakout below the neckline will signal a change in market sentiment and trigger a major downfall.
On a contrary note, the TON price is 4% today bolstered by the <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price</a> sustainability above $66000. If the recent pullback was meant to stabilize the prevailing recovery, the Toncoin coin must show a reversal signal at $6.2.
The renewed recovery from this support will invalidate the bearish theory and bolster buyers to aim for a new high above $7.67.
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The formation of new lower highs (bearish divergence) in the daily RSI slope accentuates the rising supply pressure at the top.</li>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: A bullish alignment between the daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMAs</a> (20, 50, 100, and 200) indicates the broader trend remains bullish.</li>
</ul>
The post <a href="https://coingape.com/markets/toncoin-price-forecast-hints-a-risk-of-25-double-top-pattern/" rel="noopener noreferrer nofollow">Toncoin Price Forecast Hints a Risk of 25% Fall Amid Emerging Double Top Pattern</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Toncoin Price Forecast Hints a Risk of 25% Fall Amid Emerging Double Top Pattern

Table of Contents

Coingape News Media

Other articles published on May 20, 2024

Solana (SOL) Leads Cryptocurrency Market; Aims for New Highs

Linux Creator Linus Torvalds Slams Cryptocurrencies

Satoshi Mystery: Court Releases Final Ruling in Craig Wright Lawsuit

Cryptic Share from Bitcoin Bull Michael Saylor: BTC Predictions?

Trezor Ethereum Staking Is Now Available To ETH Holders

Can Your $100 In GameStop (GME) Turn To $1,000 This Bull Run?

Join our free newsletter for daily crypto updates!