Is $TON Recovery Heading to $10 in May? – Crypto News

Toncoin Price Forecast: Since the beginning of May, the cryptocurrency market has been on a recovery path, with Bitcoin demonstrating stability above $60,000. Following Bitcoin’s lead, most major altcoins also gained momentum. Notably, the TON price established a local bottom at $4.75 and experienced a V-shaped recovery. This bullish turnaround resulted in a 44% gain within two weeks and broke through the resistance of a falling wedge pattern, indicating the potential for a continued rally.

Also Read: Bloomberg Reveals Reasons Behind Bitcoin, ETH, SOL, XRP, SHIB Prices Crash

How Toncoin’s Correction Paves the Way for a Surge to $22.5

From April 10th to May 1st, the Toncoin price witnessed a steady correction under the influence of a flag pattern. The bearish reversal tumbled the asset value from $7.68 to $4.6 registering a loss of 40%. In theory, this chart pattern provides buyers with a short pullback to restore their strength and initiate the next leap.

Furthermore, the retracement found suitable support at the 50% Fibonacci retracement level— a key area of interest known to offer renewed recovery momentum. As the Bitcoin price recently reclaimed the $60000 mark, most of the major altcoins, including Toncoin witnessed a sharp reversal.

On May 9th, the renewed buying force in TON price gave a decisive breakout from the pattern overhead trendline as a signal to resume the prevailing rally. The 4.66% intraday which propelled the altcoin to $6.7 provides a suitable follow-up for a bullish recovery.

With sustained buying, the Toncoin price could 38% to hit $9.23. However, a more ambitious target with respect to the bullish pattern is the $22.5 mark.

Amid the potential rally, the coin price could be witnessed in between resistance at $7.67, $10, and $15.

Technical Indicator 

• Exponential Moving Average: The TON coin price climbing back above the 20 and 50-day EMAs suggests a shift back to bullish sentiment in the short term, which aligns with its broader upward trend
• Average Directional Index: The daily ADX slope at 18% indicates the buyers have sufficient momentum to lead a prolonged rally as prior correction replenished the exhausted bullish momentum.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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.