Toncoin (TON) Price Fails to Establish an Uptrend but Still Holds Above $5

Key Takeaways

• TON peaked at $8.25, starting a corrective wave.
• The inverted head-and-shoulders pattern suggests a U-shaped bottom.
• The descending triangle hints at a potential wave 3 breakout to $7.

The Toncoin (TON) price has been dynamic over recent months, with movements oscillating between bullish impulses and corrective waves.

While recent action hints at a potential breakout, the market remains at a critical juncture. Will TON continue to rise, or is another dip looming?

Toncoin Price Analysis

TON reached an all-time high of $8.25 on June 15, marking an 8.7% increase from its previous peak on April 11.

Despite this rise, it is part of a corrective wave, suggesting the possibility of further downside.

On Aug. 5, TON dropped to $4.70, the same level it had previously found support on May 1. It rebounded to $7.20 by Aug. 14 but faced resistance and fell again.

After bouncing from $5 on Aug. 26 and briefly rising to $6 by Aug. 28, the price hovered before dipping below $5 on Sept. 3, indicating the final stage of an extended ABC correction.

A recovery began on Sept. 6, reaching $6.14 by Sept. 28 before returning to $5 support on Oct. 9.

What makes the price slightly bullish is that TON has kept above $5 since Oct. 9, which is a higher low compared to the one in September.

However, it still hasn’t broken above the descending resistance. The key question is whether this signals the start of a bullish trend or another corrective bounce before breaking below $5.

TON Price Prediction

Since Aug. 14, TON’s hourly chart has revealed a five-wave downward pattern, with the recovery up to Aug. 28 representing corrective wave four.

The subsequent decline completed the structure, and the brief dip below $5 formed an inverted head-and-shoulders pattern, suggesting the potential for a U-shaped bottom.

A five-wave upward pattern emerged from Sept. 6 to Sept. 14, possibly indicating an impulsive move. The high on Sept. 27 at $6.20 was considered the B wave in an ABC correction, which ended on Oct. 3 at $5.

Following this, TON rose by 7%, peaking at $5.33 on Oct. 14, after which a lower-degree descending triangle formed.

This movement may represent the first two sub-waves of a new five-wave impulse. A breakout above descending resistance will confirm this, and there is a strong chance TON could rise to the $7 area if wave 3 of the higher degree count unfolds.

On the other hand, a breakout below $5 will most likely lead to lower values than in September, potentially even falling below $4.