Key Takeaways
Toncoin (TON) reached an all-time high price of $8.25 on June 15 but has since entered a corrective phase.
Brief recoveries followed after finding support at $4.70, but the price remains near $5. The key question is whether a bullish breakout or further downside is ahead as the price still hovers around its $5 support.
TON reached an all-time high of $8.25 on June 15, marking an 8.7% increase from its previous peak on April 11.
However, this rise appears to be part of a corrective wave, indicating the potential for further downward movement.
On Aug. 5, TON dropped to $4.70, a level it had previously hit on May 1, where it found support.
It rebounded to $7.20 by Aug. 14 but faced resistance and declined again.
After bouncing off $5 on Aug. 26 and rising to $6 by 28, the price hovered around this range before dipping below $5 on Sept. 3, signaling the final stage of its extended WXY correction.
A recovery started on Sept. 6, reaching $6.14 by September 28, before returning to $5 support on October 9.
The key question remains whether this marks the start of a bullish trend or another corrective bounce before breaking below the $5 level.
Since Aug. 14, TON’s hourly chart has revealed a five-wave downward pattern. The recovery up to Aug. 28 represents corrective wave four, with the subsequent decline completing the structure.
TON’s brief dip below $5 formed an inverted head-and-shoulders pattern, suggesting the potential for a U-shaped bottom.
A five-wave upward pattern followed from Sept. 6 to Sept. 14, hinting at a possible impulsive move.
Although it was slightly higher on Sept. 27 at $6.20, this was considered the B wave from the subsequent ABC correction, which ended on Oct. 3 at $5.
TON rose by 7%, reaching a high of $5.33 on 14. After that, we saw a lower-degree descending triangle. This movement could represent the first two sub-waves of the next lower-degree five-wave impulse.
A breakout above descending resistance will provide further confirmation, but there is a strong chance TON is now headed to the $7 area if it starts developing its wave three of the higher degree count.