After a significant drop in the past 90 days, Toncoin (TON) has seen a remarkable rebound, showing notable weekly gains. Is now the time to buy the token? Analysis of key indicators and future prospects.
The recovery of Toncoin (TON) is part of the slight bullish trend in the crypto market as a whole and in the recent developments involving Telegram’s founder, Pavel Durov.
A technical analysis of the weekly chart of Toncoin shows that the price has remained within a long-term bullish channel since the 2021 bull run. However, after a strong rejection at $8.28 in mid-2024, TON underwent a brutal correction, eventually testing the ascending support level at $2.90.
It thus tested the lower parity of its Mean Reversion Channel, surpassing the 50-day moving average. TON has now bounced up to the $4.0 range, where it is currently testing the crucial 100-day moving average (100 MA). This level has historically acted as a strong support zone, previously triggering a massive 300% price increase for TON.
Subsequently, TON could target its 200-day MA at $4.9. A breakout above it could trigger a wild rally of the TON token. However, it will need to sustain above it.
The MACD (Moving Average Convergence Divergence) indicator is currently attempting a bullish crossover, a signal that often precedes a strong bullish momentum. If TON manages to rise above the 100 MA, it could confirm a new upward trend, potentially pushing the price towards the mid-channel resistance, around $5.48.
Moreover, Ichimoku has turned green on the daily. In this context, if BTC and the market remain bullish, TON should target its protected high at $6.12. If this smart money-protected resistance is broken, then TON could embark on a bullish rally of over 300%.
In conclusion, with TON rebounding from a key support, the potential bullish signal from the MACD, and significant resistance levels in sight, the coming weeks could be crucial for the direction of Toncoin’s trend. If a breakthrough occurs, it could mark the beginning of a broader bullish trend towards higher resistance levels. However, a failure to hold above the 100 MA could lead to further consolidation.
If BTC manages to bounce back, TON could trigger a 23% rally up to its moving average at $4.9.
Toncoin (TON) is available on the Weex exchange. Here is a practical guide for buying TON before the potential surge of the Telegram token:
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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