With 83% of Toncoin Supply in Profit, Bulls Target $10
thecryptobasic.com 19 August 2024 11:07, UTC With a rounding bottom pattern and an intraday recovery making Toncoin (TON) a top performer, buyers anticipate a $10 target. Is this the best time to buy Toncoin?
Amid the recovering market, Toncoin is one of the top performers today, with an 8.25% jump in the past 24 hours. As the altcoin market gains momentum, the Toncoin bull run teases a breakout run for a high momentum trend reversal rally. Will this uptrend result in a price jump to $10? Let’s find out.
Toncoin Recovery Eyes $7.10 Breakout
The 4-hour chart reveals the Toncoin price, which is undergoing a recovery rally. Further, the altcoin completes the five-wave Elliot Wave pattern, which results in a rounding bottom pattern with a neckline at $7.10.
The bullish trend also forms a supporting trendline and teases a potential crossover in the 50 and 200 SMA. Furthermore, the MACD indicator shows a bullish trend in the MACD and signal lines.
Hence, the growing possibility of a golden crossover in the 4-hour chart and the positive momentum reflected by the MACD indicator bolsters the possibility of a bullish breakout.
Additonal technical indicators from Tradingview maintain an overall bullish sentiment for Toncoin. With 13 buy signals, 9 neutral, and 3 sell signals, the bulls maintain a stronger position.
The notable buy signals are given by the MACD indicator, all the crucial exponential and simple moving averages except the 100-SMA. Further, the prominent sell signals are given by the momentum indicator and Williams percentage range with a negative value of 19.60%
Bulls Accumulate More Than 80% of TON Supply
Also, based on data from IntoTheBlock, the Global In & Out of the Money (GIOM) indicator reveals 4.8 billion $TON tokens are held by profitable addresses. Meanwhile, 32.98 million TON tokens worth $226 million is out of the money. This makes 15.58% or $5.35 billion worth of 778.23 million $TON tokens at the money.
Will Toncoin Hit $10?
The recent 4-hour candle reveals a bearish pullback, with the 2.14% decline threatening a breakdown of the rounding bottom. Nevertheless, a push from the support trendline and the 200-SMA dynamic support could result in a potential cup and handle.
A bullish breakout of the $7.10 neckline will result in a breakout rally to the overhead resistances. The next resistance levels are at $8 and $9.50. Optimistically, the uptrend is likely to reclaim the $10 psychological mark for a new all-time high.
On the contrary, if the increased supply breaks below the support trend line, the next support levels are at $6.27, which is the 100-SMA in the 4-hour chart, and the $5.80 horizontal level.
