bullish

Toncoin

Reversal

The post <a href="https://coinpedia.org/price-analysis/quick-reversal-in-ton-price-eyes-a-breakout-run-to-10/" rel="noopener noreferrer nofollow">Quick Reversal in TON Price Eyes A Breakout Run To $10&nbsp;</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With Toncoin’s TVL surpassing the $600 million milestone, the bullish growth continues in its market value. Ranking at #8 in the top 10 crypto and a market cap of $16.80 billion, TON price trades at $6.67 and an intraday gain of 3.25%. Will this bullish revival skyrocket the altcoin price to a new all-time high this month?
<h2 class="wp-block-heading" id="h-toncoin-price-performance">Toncoin Price Performance</h2>
TON price action reveals a resilient bullish cycle in motion with a 26% jump in the last 9 days. Impressively, the triple white soldier pattern forming over the last 3 days accounts for a 8.21% jump, which challenges the overhead resistance trendline.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXctTq4grAc8rQVnBvdKSrsVvnRKTz7oLTlm80c3opv0bRoWTbEUi9lWvgxI3DPikTVNt_IH8nv7GsHnTzbJ1JUes2ZtIu3E8uJ5QvGhUfNeFiLtGrJ5T-KTNNoKAnwCknVB18uUOgfp0ik9meWZqXgOtAw?key=dnV_SI2pl_0WFUiAdjEEuQ" alt="">
</figure>
<a href="https://www.tradingview.com/x/en6I1yie/" rel="noopener noreferrer nofollow">Tradingview</a>
The recent V-shaped reversal in TON price from $5 failed to surpass the 50-day EMA and the resistance trendline. Thus, a bullish failure leads to a retest of the $6 breakout.&nbsp;
The underlying demand at the psychological mark of $6 led to a post-retest rally, forming a morning star pattern. Despite facing multiple bearish reversals from the overhead resistance trendline, the ongoing recovery rally in TON prices teases a bullish breakout.&nbsp;
As per the trend-based Fibonacci level, the $6 retest aligns with the 23.60% Fibonacci level, which results in the high-momentum reversal in action.&nbsp;
Technical indicators:
EMA: The 20D EMA breaks below 50D and 100D EMA due to the crash in early August.&nbsp;
MACD: The bullish crossover in the MACD and signal lines are gaining traction with a surge in positive histograms. Hence, a positive trend in the momentum indicator supports breakout chances.&nbsp;
<h2 class="wp-block-heading" id="h-will-toncoin-hit-10">Will Toncoin Hit $10?</h2>
With a potential breakout, the Fibonacci levels estimate the TON coin price target at $7.47, the 50% Fibonacci level, or $8.95, the 78.60% Fibonacci level. Optimistically, a bullish trend continuation over the entire month can lead to a new all-time high at the $1.10 psychological mark. accounting for a price jump of 50%.
On the flip side, another bearish reversal from the overhead trendline will increase the pressure on the $6 support. Thus, increasing the breakdown chances. The next support levels are at $5.55 and $5.

Quick Reversal in TON Price Eyes A Breakout Run To $10

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