Toncoin (TON) Price Could Rally to $10: Here’s Why

Toncoin (TON) technical indicators point to potential bullish momentum. Analyst Rose Premium Signals highlighted the formation of a second bullish pattern on the weekly chart, signaling the possibility of continued upward movement. 

With defined support levels and clear breakout targets, Toncoin’s price action suggests the potential for growth. Besides, their accompanying tweet emphasized key levels and the need for strong trading volume to validate this bullish setup.

TON Bullish Pennant Formation Highlights Uptrend Potential

The chart by Rose highlights Toncoin’s formation of a second bullish pennant on its weekly chart. Bullish pennants are continuation patterns often signaling the resumption of an uptrend. 

According to Rose Premium Signals, this setup follows a descending triangle breakout that marked the end of a prolonged consolidation phase.

Key levels identified in the analysis align with the targets shared in the tweet: $6.10 as the initial breakout target, followed by $8.00 and $10.00 as mid-term and long-term objectives. 

The Fibonacci extensions and historical resistance zones further support these projections, with $6.995, $8.425, and $9.839 being notable levels on the chart.

Support Zones Provide Stability

The $4.5–$5.0 zone has emerged as a critical support area for Toncoin. This level has been repeatedly tested and validated, strengthening its role as a structural support. 

Rose cautions that a dip below $5.00 could invalidate the bullish setup, potentially leading to bearish momentum. Volume confirmation is emphasized as a key factor for the pennant breakout. 

A strong surge in trading volume would validate the move, while low volume might indicate a false breakout or extended consolidation.

Read also: Uniswap (UNI) Price Shows Bullish Potential After Recent Correction – Here’s the Outlook

Volume and Momentum to Validate Breakout

Volume and momentum are pivotal for confirming Toncoin’s next move. The analysis stresses the importance of increased trading activity to solidify the bullish breakout from the pennant formation. 

Without sufficient volume, the pattern may fail to deliver the projected price movements.

Rose Premium Signals offers detailed targets and emphasizing the role of volume in validating the setup. At publication, TON trades at $5.39 with a daily trading volume of $347,608,006. Despite a pullback over the last day, the token has increased generally over the week as per CoinGecko data.

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