Toncoin price has recently shown significant bullish patterns, suggesting potential for further gains in the coming weeks. The TON token was trading at $5.6, up by 27% from its lowest point this month. The number of on-chain activated wallets has also increased to 34.26 million, indicating growing interest in the Toncoin ecosystem.
The daily chart for Toncoin shows the formation of a falling wedge pattern, which typically leads to a strong bullish breakout when the converging trendlines near their convergence zone. Additionally, the coin has formed a slanted triple-bottom pattern around $4.50, which is another bullish signal. The price has soared above the 50-day moving average and the Murrey Math Lines, suggesting a potential target of $8.28, the all-time high.
If Toncoin fails to maintain support at $4.50, the bullish momentum may be invalidated, potentially leading to a drop to $3.76. However, if the patterns hold, Toncoin could see substantial gains in the coming weeks. Analysts are optimistic about the coin’s potential, with some estimating a target of $11.80, nearly a 2x return from the current level.
The positive price action for Toncoin is supported by bullish fundamentals, including a significant increase in the number of on-chain activated wallets and registered accounts on the TON Blockchain. The network is gaining traction among users, with the number of transactions per day also on the rise. Additionally, tap-to-earn tokens within the Toncoin ecosystem, such as Catizen (CATI) and Notcoin, have seen significant price increases recently.
The growth of the Toncoin ecosystem, combined with the overall bullish sentiment in the cryptocurrency market, is fueling optimism about the coin’s future price potential. The falling wedge and triple-bottom patterns further support the bullish outlook for Toncoin. However, it is essential to monitor key support levels to ensure the continuation of the bullish trend.
Overall, the recent price action and bullish patterns suggest that Toncoin could experience significant gains in the coming weeks. With the cryptocurrency market showing overall positive momentum, Toncoin’s ecosystem growth and technical patterns point to a potentially lucrative opportunity for investors. As always, it is crucial to conduct thorough research and consider the risks before investing in any cryptocurrency.
