Toncoin price recovery stalled at $5.71 as Bitcoin and most altcoins pulled back. Still, despite the setback, crypto analysts are optimistic that TON price will resume the uptrend and possibly retest the all-time high of $8.28, which is about 55% above Tuesday’s levels.
Crypto Analysts Are Bullish On Toncoin Price
Toncoin price has largely missed the recent cryptocurrency rally as it remained in a deep bear market after falling by over 36% from its highest level this year. This sell-off intensified after Pavel Durov’s arrest a few months ago. It then continued after most TON tokens like Catizen and Hamster Kombat dived.
Some crypto analysts believe that the Toncoin price may have bottomed, which may lead to more upside in the coming weeks. In a recent X post, 8TML noted that the TON token was consolidating between $4.60 and $4.80. He expects that the token will bounce back.
Babenski, another analyst, identified a falling wedge pattern and predicted that a bullish breakout was about to happen. A falling wedge happens when an asset forms when the upper and lower descending trendlines are converging. A breakout forms when the two lines are about to converge.
TON Transactions Are Rising
Data by Tonstat show that the number of transactions in the TON ecosystem is rising, which can be a positive thing for the Toncoin price. It handled 7.27 million transactions on November 11, the highest level since October 25.
More data shows that the number of daily active wallets rose to 855,286, its highest level since October, while the DEX trading volume on TON jumped to August highs. The number of TON holders has also jumped to over 100 million. These numbers mean that the network is doing well, a positive sign.
The icing on the cake is that some of the most active Telegram tokens like Hamster Kombat and Catizen have bounced back in the past few days.
TON Price Analysis Points To More Gains
The daily chart points to a more upbeat TON price prediction. It has formed a double-bottom pattern at $4.46 and whose neckline is at $6.13. A double bottom is a highly popular bullish reversal sign.
Toncoin has also made a breakout above the upper side of the falling wedge pattern and flipped the 50-day moving average into support. Also, the Supertrend indicator has turned green, a bullish sign.
Therefore, Toncoin may jump and retest the year-to-date high of $8.27 if bulls manage to flip the double-bottom’s neckline at $6.13. A move to that level will signal a 55% jump from the current level.
On the flip side, a drop below the double-bottom level at $4.456 will point to more downside, with the potential of falling to $4.
Frequently Asked Questions (FAQs)
Toncoin has formed a double-bottom pattern and moved above the upper side of the falling wedge pattern, pointing to more gains.
The next important price to watch will be $6.13, the neckline of the double-bottom pattern. A move above that level will raise the possibility of it soaring to an all-time high.
A drop below the support at $4.46 will invalidate the bullish double-bottom pattern and point to more downside.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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