Toncoin (TON), the native cryptocurrency of the TON blockchain, has recently exhibited a series of bullish patterns that could propel its price to new heights. As the broader cryptocurrency market continues its upward trajectory, TON has captured the attention of investors and analysts alike.
Bullish Patterns On The Horizon
Technical analysis of the TON price chart reveals two significant bullish patterns:
- Falling Wedge: This pattern is characterized by two converging trendlines, indicating a potential reversal of the downward trend. As TON has broken above the upper trendline of the falling wedge, it suggests a strong bullish breakout is imminent.
- Slanted Triple Bottom: This pattern forms when a cryptocurrency price bottoms out three times at a similar level. It signals a potential reversal and upward movement. TON has successfully formed a slanted triple bottom around the $4.50 level, further solidifying its bullish outlook.
Fundamental Factors Driving TON’s Rise
In addition to the technical indicators, several fundamental factors are contributing to TON’s price surge:
- Growing User Base: The number of activated wallets on the TON blockchain has surged to over 34.26 million, a significant increase from January’s level of 1.08 million. This growing user base indicates increasing adoption and network activity.
- Expanding Ecosystem: TON’s ecosystem is expanding rapidly, with the number of registered accounts exceeding 120 million. The increasing number of transactions per day further underscores the network’s momentum.
- Resurgence of Tap-to-Earn Tokens: Several tap-to-earn tokens associated with the TON ecosystem, such as Catizen (CATI), Notcoin, and Hamster Kombat, have experienced significant price increases in recent days. This resurgence of the tap-to-earn sector could positively impact TON’s overall market sentiment.
Potential Price Targets and Risks
Analysts are optimistic about TON’s short-term price trajectory. Some predict that the coin could reach its all-time high of $8.28 or even surpass it, potentially hitting $11.80. However, it’s important to note that the bullish scenario hinges on TON maintaining its upward momentum and avoiding a significant correction.
If TON fails to hold above the $4.50 support level, it could experience a downward correction, potentially retesting the 61.8% Fibonacci Retracement level at $3.76.
Also Read: Toncoin (TON) Price Slips 10% In 30 Days – Will Strong $4.76 Support Level Spark A Rebound To $5.78?
As with any investment, it’s crucial to conduct thorough research and consider your risk tolerance before investing in cryptocurrencies.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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