Toncoin is a powerful decentralized layer-1 blockchain that previously belonged to the encrypted messaging platform Telegram then taken over by "The Open Network" foundation: TON- although as they claim. Also, the project is new but was able to maintain itself among the top 30 coins by market cap and having high trading volume. Anyway, TON price is currently in a corrective wave and based on the available candles it seems two possible scenarios could take place. Either price could be descending in a triangle pattern or an inverted cup and handle pattern is forming; with the former one being more probable. Let's see what happens.
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So, according to previous analysis, TON's Cup took place, but didn't turn into a Cup and Handle pattern. Instead, it seems TON has formed a somewhat big triangle pattern. Just today, when Pavel Durov, founder of Telegram Messenger, released a statement about channel's owner receiving financial rewards through TON, the price of TON jumped up and is trying to break this triangle pattern upward. If successful, TON can start an upward phase toward the much higher targets. Let's see what happens.
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So, TON broke both the triangle pattern and the major horizontal resistance line. That means, say hello to much higher price level. Let's see how high TON can go.
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So, TON is reaching the first target area Let's see what happens.
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So, TON touched the level 1 line, which is equal to the width of the big triangle pattern, and then correction started. TON needs to gather momentum in order to reach higher targets. Let's see what happens.
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So, it seems TON is moving sideways (oscillating) in a box. If TON wants to rise higher, it first has to break this consolidation area. Let's see what happens.
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So, it seems correction wave iv is almost finished. Just have to wait for TON to break the flat triangle correction pattern. Let's see what happens.
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So, TON is still in the correction wave iv, and reached the flat triangle's bottom again. Let's see what happens.
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So, TON broke the minor downtrend line, went up, and now trying to break the flat triangle's upper line. Let's see what happens.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.