After a prolonged period of consolidation, TON Coin [TON] has finally broken out, indicating the start of a new bullish phase.
Currently trading at $5.52, showing a 3.22% increase, TON seems ready for a significant upward trend.
The question on everyone’s mind is whether TON can maintain its current momentum, surpass $6.03, and eventually hit the ambitious target of $8.30.
Breaking the Bullish Pennant Formation
The recent breakout from the bullish pennant pattern is a crucial development that reinforces TON’s positive outlook.
This breakout was confirmed by a successful retest of the pattern’s lower boundary, serving as a launching pad for the current rally.
The $6.03 resistance level poses an immediate challenge, having previously limited TON’s upward movements.
A successful breach of $6.03 could pave the way for higher targets, including $8.30, which is supported by historical price patterns and significant Fibonacci levels.
On the flip side, failure to surpass $6.03 might result in a retracement towards the $5.00-$4.50 support range, prompting traders to closely monitor TON’s next steps.
TON’s Growing Momentum
Technical indicators illustrate a positive outlook, with Fibonacci retracement levels indicating TON reclaiming the 0.786 level at $5.79, while eyeing the 1.618 extension at $7.12 as the next target.
The 2.618 Fibonacci level at $8.72 aligns with optimistic projections, further bolstering the $8.30 target.
Moreover, the MACD indicator signals increasing momentum, with the MACD line reaching 0.079 and the signal line at 0.070, indicating a bullish crossover.
Additionally, the histogram displaying a positive shift to 0.009 suggests growing buying pressure, hinting at a potential price surge in the near future.
On-Chain Data Reflects Investor Confidence
On-chain data supports the positive narrative, with the Net Network Growth remaining stable at 0.86%, while other metrics show clear bullish trends.
Notably, the In the Money metric signals bullish sentiment at 2.64%, indicating that more holders are currently in profit.
Furthermore, whale concentration and large transactions have increased by 0.04% and 5.97%, respectively, signifying heightened confidence among major investors.
Surge in Market Activity
Liquidation data underscores the growing interest in TON Coin, with $79.91K in short positions and $35.85K in long positions liquidated at present.
This surge indicates increased trading activity as traders position themselves for TON’s future trajectory.
Backed by bullish technical indicators like the MACD crossover, ascending Fibonacci targets, and robust on-chain metrics, TON appears well-equipped to breach $6.03 and set its sights on $8.30.
If the current momentum continues, TON Coin could spark a broader market rally, firmly establishing its upward trend. The upcoming days will play a pivotal role in confirming this optimistic outlook.