Toncoin (TON) Price Retests Horizontal Support After Recent Breakout Success

Key Takeaways

• TON’s corrective phase likely concluded with the November low.
• Retesting $5 support could validate a new bullish phase.
• The projected rise may reach nearly $8 by the trend’s end.

Toncoin (TON) has experienced significant price volatility, reaching a high of $8.25 on June 15 before undergoing a corrective wave. The price hit support levels multiple times, signaling a potential continuation of this phase, but recent patterns hint at a shift. On Nov. 4, TON bottomed at $4.54, suggesting the end of its corrective cycle.

A recent rise to $5.72 on November 12 and subsequent retesting of the $5 support zone indicate a potential bull phase ahead if support holds.

TON Price Analysis

TON’s price 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, which may indicate further declines.

On Aug. 5, TON fell to $4.70, a level it had previously tested and found support at on May 1. It rebounded to $7.20 by Aug. 14 but met resistance, resulting in another decline.

After bouncing off $5 on Aug. 26 and rising to $6 by 28, the price remained in this range before dipping below $5 on Sept. 3, signaling the final stage of an extended ABC correction.

A recovery began on Sept. 6, with TON climbing to $6.14 by 28 before returning to $5 support on Oct.9. Despite holding briefly, the price ultimately fell below the horizontal support zone, reaching a low of $4.60 on Oct. 26, a 14% drop. 

It proceeded to a final low of $4.54 on Nov. 4, likely concluding its corrective stage after the uptrend from Sept. 6 to 28. We expected further upside movement, leading to a breakout above the horizontal and descending resistance. 

On Nov. 12, TON’s price reached $5.72 and returned to its $5 horizontal level, retesting it for support. Should this area cause a price bounce, it will validate the starting bull phase, with more upside ahead. 

TON Price Prediction

Looking closely at the hourly chart, we can see that the rise from Nov. 4 is a five-wave, likely the first sub-wave of the higher degree impulse.

As such, the subsequent drop is likely its second sub-wave that came as a 0.5 Fibonacci retracement. 

A bounce from this level should cause another upturn, with the price of TON starting to develop its third sub-wave, leading to a high just below $7. This would be a 1.618 Fib extension level, but we can see the price rising further and reach values close to $8 by the end of this uptrend. 

Forming a five-wave pattern as described would mean a TON  confirmed its bull phase, and after a period of consolidation, it should maintain its upward trajectory to a new all-time high above $9. 

About the Author

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.

See more

[email protected] LinkedIn