Published on augustus 19, 2024, 11:25 am
Image source: Fox News
```json { "TLDR": "TON's price surged 9% recently due to technical breakout patterns, increased trading volume, and surpassing resistance levels. It is expected to reach $9.50 by September with an upside target of $10, supported by an inverse head-and-shoulders setup. Fundamental factors like partnerships and development initiatives are also driving growth for Toncoin." } ```
TON’s potential for growth is bolstered by its inverse head-and-shoulders pattern and significant catalysts such as the Binance listing. Recently, Toncoin emerged as a standout performer in the cryptocurrency realm, seeing a remarkable 9% surge in just 24 hours on August 19. This impressive rally stands in stark contrast to the broader crypto market, which witnessed a 3% downturn during the same period.
The sharp increase in Toncoin’s price is attributed to a technical breakout from a classic bump-and-run reversal (BARR) pattern. Following this pattern closely over recent weeks, TON began with a lead-in phase characterized by a slow decline, then progressed through a bump marked by a steep downturn, and finally entered the run phase where it surpassed key resistance levels.
On August 18, Toncoin officially entered the run phase, solidifying the breakout by surpassing the descending trendline that had previously hindered its recovery. Bolstering this breakout is the increased trading volume – a vital indicator of the strength supporting this upward movement. Furthermore, TON is currently trading above both its 50-day (red) and 200-day (blue) exponential moving averages (EMAs), both of which have started trending upwards.
If TON sustains its upward momentum, it could eventually aim for the $9.50 threshold by September, representing a sizable 40% uptick from its current value. This target aligns with resistance levels observed back in early July and corresponds with the height of the BARR pattern’s bump phase.
Further enhancing this bullish scenario is the formation of what appears to be an inverse-head-and-shoulders (IH&S) setup on Toncoin’s chart. IH&S patterns are typically seen as bullish reversal indicators and materialize when prices break above the neckline and rise proportionately to distance from neckline to head.
Looking at technical analysis on the TON/USDT daily chart suggests an upside target around $10 for September, coming closer to the BARR setup’s target. In addition to these technical aspects, Toncoin’s recent upswing can be attributed to various fundamental developments. Notably, initiatives like launching TON Ventures – a $40 million fund backing early-stage projects on the TON blockchain – have brought optimism around Toncoin’s utility and adoption within The Open Network ecosystem.
Moreover, partnerships such as Injective integrating with TON blockchain have further expanded opportunities for utilizing TON-based assets across decentralized applications within Injective’s network.
In conclusion, while presenting insights into TON’s potential growth drivers facilitated by technical patterns like BARR and IH&S setups along with fundamental factors like strategic partnerships and development initiatives which are contributing towards driving both utility and market accessibility for Toncoin in recent times.
Original article posted by Fox News
