Toncoin Aims for $6.73 Target with Potential Double Bottom Reversal
Bitcoin remains above $102,000, while altcoins face challenges. The total crypto market cap, excluding Bitcoin and Ethereum, is at $1 trillion. Toncoin is preparing for a potential recovery.
Key points on Toncoin (TON):
- Current price: $4.84; market valuation: $12 billion.
- Recent decline: 2.15% over the last 24 hours.
- Local resistance trendline observed on the 4-hour chart, indicating a falling wedge pattern.
- Support zone holds at $4.77, with a potential double-bottom reversal in progress.
- 4-hour RSI shows positive divergence, suggesting bullish momentum.
- Potential breakout targets: $5.72 (78.6% Fibonacci level) and $6.73 (1.618% Fibonacci level).
On-chain data indicates:
- 240,000 TON transferred to exchanges in the past week, raising concerns of increased selling pressure.
- A drop below $4.77 could lead to prices falling to $4.60 or $4.00.
- Resistance identified between $4.87 and $5.02, with 665.47 million TON in supply.
- Strong demand zone holds near $4.72 to $4.87 with approximately 17 million TON tokens.
Overall, Toncoin faces upward potential but must navigate incoming supply pressures.