Crypto analyst melikatrader94 from TradingView shared insights into the current trading dynamics of Toncoin (TON), highlighting several key technical formations that suggest a promising outlook for the cryptocurrency.
Toncoin's Double Bottom
The analyst pointed out a double bottom formation around the 4.52 USDT mark. This classic reversal pattern indicates a potential end to the previous downtrend and the start of a bullish phase.
Neckline Breakout and Ascending Channel
Melikatrader94 noted the neckline breakout at 6.20 USDT that was decisively surpassed by strong bullish candlesticks. This breakthrough validates the double bottom pattern and suggests that Toncoin may continue its upward movement. The price is currently trading within an ascending channel characterized by higher highs and higher lows, reinforcing the notion of a robust bullish trend.
Target Zones and Potential Pullback
The analyst identified a target zone around 7.60 USDT, aligning with the channel’s upper boundary and a significant psychological level. This projection suggests that if the bullish momentum continues, reaching this resistance level is a strong possibility. However, melikatrader94 also cautioned about the potential short-term pullback toward the 6.40-6.50 USDT range, which could act as a retest of the neckline.
The observations and forecasts made by analyst melikatrader94 on Toncoin emphasize the importance of technical formations and their possible impact on future market dynamics. Whether validating subsequent upward movement or anticipating potential pullbacks, such analyses aid traders in making informed decisions.
