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Toncoin (TON) Stabilizes Above Key Horizontal Support as New Uptrend Could be Next

Published
Nikola Lazic
Published
By Nikola Lazic
Edited by Ryan James

Key Takeaways

  • TON formed an inverted head-and-shoulders near $5 support.
  • A breakout above the resistance could trigger a rally to $7.
  • A drop below $5 risks further declines below September lows.

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 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.

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.

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

 

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.

TON Price Prediction

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 price prediction
TONUSD starting an uptrend | Credit: Nikola Lazic/TradingView 

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. 

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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Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.
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