TON Price Eyes Reversal After 43% Drop as Bulls Aim for $10 by Year-End

The post TON Price Eyes Reversal After 43% Drop as Bulls Aim for $10 by Year-End appeared first on Coinpedia Fintech News

Struggling to find solid support after Telegram’s CEO’s legal difficulties in France, the Toncoin (TON) price dropped to $4.60. However, the increasing chances of a broader market recovery increases the reversal chances for TON. 

Will a sudden shift of change in the underlying dynamics drive a breakout rally in Toncoin? Find out now in our TON price analysis for this month. 

Toncoin (TON) Price Performance

After facing a bearish reversal from its 52-week high at $8.28, the Toncoin bulls failed to sustain dominance above the $8 mark. As the dream of reaching the $10 psychological mark was crushed during the pullback, the Toncoin price dropped to $4.60. 

Tradingview

The bearish reversal has resulted in a falling channel pattern and a 43.33% drop. Despite minor bullish attempts to surpass the overhead distance trendline, the declining trend continues. 

Furthermore, the Toncoin price action reveals a falling channel pattern at play. Currently, the Toncoin price shows a lower price rejection from the $4.60 support level, teasing a double-bottom reversal. 

The Toncoin price is trading at $4.88 with an intraday gain of $1.24 following last night’s lower price rejection. The neckline of the double bottom pattern is standing at the psychological mark of $5.00. 

With a double-bottom breakout rally, the bull run in Toncoin is likely to challenge the overhead resistance trendline coinciding with the 50-day EMA. 

EMA: During the pullback phase, the increase in supply pressure has resulted in a death cross event between the 50-day and 200-day EMA. 

RSI: Supporting the upside chances, in Toncoin, the daily RSI line shows a massive bullish divergence in the double bottom pattern. 

Is $10 Back on Toncoin’s Radar?

Based on the Fibonacci levels, the double-bottom breakout rally must surpass the overhead trendline and the 23.60% Fibonacci level at $5.30 for a sustained recovery run. If the bull run crosses above the $5.30 mark, the 78.60% Fibonacci level at $7.24 is a potential target. 

By the end of the month, however, the bull run is likely to reach $8.18, making the $10 target possible by the end of the year. On the flip side, the $4.60 support level is likely to retain its dominance by the end of the month.

Also, read our Toncoin Price Prediction 2024-2030 for an overview of long-term targets.

FAQs

When was Toncoin Launched?

Toncoin (TON) is a decentralized layer-1 blockchain launched by Telegram on June 30, 2018. 

What is the value of 1 Toncoin?

The current value of 1 Toncoin in terms of USD is $4.88, and in Bitcoin, it is 0.00007187 BTC. 

What is Toncoin used for?

Toncoin or TON token is the native cryptocurrency of The Open Network. It is a decentralized Layer-1 programmable blockchain, providing services similar to Ethereum and other Layer-1 ecosystems.