toncoin The consolidation in the (TON) price that has been continuing for the last few months indicates an exit from a long-term formation. This breakout could signal a significant rally in the near future.
Starting from March 2024, Telegram took an important step by announcing that it will share advertising revenues with users through the TON blockchain.
Toncoin price has been trading within a symmetrical triangle since June 13, 2022. The support and resistance lines of the formation have been tested many times and its validity has been confirmed.
During the week of September 18-24, 2023, the TON price was rejected from the resistance line of the triangle and has been in a downtrend ever since.
However, Toncoin price held above the 0.5-0.618 Fibonacci support zone of the previous rally and is now moving above the triangle. This zone is often considered the end point of corrections, so a bounce from here could indicate a continuation of the uptrend.
The weekly RSI is following an upward trend, recovering from the 50 level, supporting a possible breakout.
If TON price successfully breaks above the triangle this week, it could rise as high as $4.5. This target is calculated by connecting the height of the triangle at the breakout point and indicates an upside of 68.75% from the current price.
Toncoin’s price broke above the horizontal resistance zone at $2.4 and confirmed this level as support yesterday. This indicates a shift in short-term sentiment towards buying on declines rather than selling on rallies.
The 4-hour RSI has entered the overbought zone and is trending upward, indicating that the bulls are taking control of the market.
Therefore, it is estimated that the TON price may rise to its February 28 high of $2.95 in the coming days.
The most likely expectation is that the TON price will continue to rise in the near future. The nearest target is $2.95, and upside potential extends to $4.5.
The bullish view may be invalidated if the price falls and remains below the $2.4 zone in the 4-hour time frame.
