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Toncoin (TON) Bounces Back From $5 but Uptrend Lacks Momentum

Published
Nikola Lazic
Published
By Nikola Lazic
Edited by Ryan James

Key Takeaways

  • TON peaked at $8.25 but faced corrective declines.
  • Key support holds around $5 amid recovery attempts.
  • A potential breakout could target $7 if support remains firm.

The Toncoin (TON) price action has been volatile, with sharp fluctuations between support and resistance levels. TON has undergone corrective movements after reaching its all-time high of $8.25 in June.

This analysis explores whether the current recovery signals the start of a new bull phase or if further declines are expected.

Toncoin Price Analysis

TON reached an all-time high of $8.25 on June 15, an 8.7% increase from its previous peak on April 11. However, this rise appears to be part of a corrective wave, signaling a potential downward movement.

On Aug. 5, TON dropped to $4.70, matching its May 1 low, where it found support. It rebounded to $7.20 by Aug. 14 but faced resistance, leading to another decline.

After briefly bouncing off $5 on Aug. 26 and rising to $6 by Aug. 28, the price hovered around this level before dipping below $5 on Sept. 3, marking the final phase of its extended correction.

TON price analysis
TONUSD back at $5 again | Credit: Nikola Lazic/TradingView 

A recovery began on Sept. 6, with TON reaching $6.14 by Sept. 28, only to return to $5 support on Oct. 9.

The key question is whether this starts a bullish trend or another corrective bounce before breaking below $5.

TON Price Prediction

Since Aug. 14, TON‘s hourly chart shows a five-wave downward pattern. The recovery up to Aug. 28 represents a corrective wave (wave four), with the subsequent decline completing the structure.

TON bounced back after briefly falling below $5, forming an inverted head-and-shoulders pattern, suggesting a U-shaped bottom.

TON price prediction
TONUSD back at $5 again | Credit: Nikola Lazic/TradingView 

A five-wave upward pattern emerged from Sept. 6 to 14, hinting at a potential impulsive move. It was followed by a revision to $5 on Oct. 10 which could have been an ABC correction as the second sub-wave of the starting five-wave impulse to the upside.

If TON holds above $5 and bounces, it could signal the start of a bull phase with a target of $7. However, a drop below $5 would invalidate this scenario, indicating further declines below September levels.

Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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