Toncoin to End a Double Digit Jump in August — Can TON Run Further?
Price back on its monthly high. Will it continue to rise?
Key Takeaways
- TON keeps rising against market downtrend.
- Set to close August up by 30%.
- Volume lower then in mid-August, not supporting the increase.
- Chart analysis points out at near-term downside.
- New highs possible in September.
TON has been defying the market trend as the cryptocurrency market experienced a sharp decline in August, falling by 13%. TON has been continuing its upward trajectory that started earlier this month.
We saw a sharp decline in the price of TON but, in the second half of August, a recovery to the levels of the previous high happened, bringing to a 30% increase measured from the start of the month to its monthly high.
As the price revisits the monthly high and is in a clear uptrend, can it continue increasing further as September approaches?
TON Price Analysis
From the start of August, TON price has been moving sideways around $1.20 before starting an uptrend. It reached $1.52 on August 16, which was its monthly high. After a 18% decrease ended on August 19, with the price falling to $1.25, we have seen another uptrend that has revisited the prior high.
In our previous price analysis, we outlined three possible price pathways – a correction continuation, a larger downtrend, and a starting uptrend. The first two have been invalidated as the price appears to have started a new uptrend immediately.
If this is now the primary count, with the price reaching its local resistance, we may see a minor retracement for the lower degree wave 2 potentially around $1.40 or slightly below.
A Correction Is Still Possible
Yet, the ascent since August 19 might be a corrective wave B within a larger ABC correction downward. Notably, volume remains notably lower than mid-August’s initial monthly high. This lower volume suggests limited short-term upward momentum.
Examining the second half of August wave structure, there is more evidence to support that this is a corrective stage, instead of the starting uptrend.
The August 16-19 downtrend forms a five-wave impulse, not correctively reaching 0.786. The subsequent uptrend also displays an ABC corrective structure of lower degree, likely hitting a minor peak above $1.52 that leads to an immediate rejection.
This anticipate another downtrend similar to August 16-19. A higher high on the current rise might yield a higher C wave target than the A wave’s end.
Expecting a sustainable uptrend after wave C wraps near $1.30 to $1.25. ABC correction since mid-August could finish by early September.
If the price of TON is in a large uptrend, in the second half of September we could see new highs of around $2.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
