Toncoin (TON) Price Eyes Bullish Breakout Amid Reversal Pattern Formation

Toncoin price bounced 4.2% to $6.47 during the U.S. trading session on Monday. The new week started bullish for most major altcoins, projecting market stability

Toncoin price enjoyed a 4.2% gain on Monday, reaching $6.47 during the U.S. trading session. The new week brought bullish tidings for most major altcoins, as the market seemed poised to recoup losses sustained during the July correction.

While Bitcoin’s struggles to cross the $60,000 threshold continued to dampen broader market enthusiasm, the TON network showcased promising growth, fueled by recent listings on major exchanges and a record surge in on-chain metrics.

Toncoin Price Surges Post-Binance Listing

On August 8th, Binance, a leading cryptocurrency exchange, added Toncoin to its platform with trading pairs such as TON/BTC, TON/USDT, and TON/FDUSD. This integration marked a crucial milestone for the Ton blockchain, significantly boosting the token’s visibility and accessibility within the mainstream market.

The Toncoin price has risen by 18% since the listing date, currently trading at $6.4, and the market capitalization has surged to $16.2 Billion.

Furthermore, this Telegram-linked cryptocurrency has seen remarkable growth in on-chain metrics, highlighting its impressive expansion throughout 2024. The number of addresses with a balance on the Ton network has skyrocketed from 3.6 million on January 1st to 39.5 million today, reflecting an increase of 997%.

This rapid growth underscores the increasing adoption and activity within the ecosystem, positioning it as a rapidly growing player in the blockchain space.

TON Price Poised for Bullish Breakout Amid Reversal Pattern Formation

Examining the daily Toncoin price chart, we observe a V-shaped recovery forming during the first two weeks of August. This bullish turnaround lifted the asset from $4.72 to a high of $6.8, marking a 44.6% gain.

However, the coin price encountered slight resistance at the recent sell-off zone, leading to a pullback. This retracement could potentially indicate the formation of an inverted head and shoulders pattern.

In technical analysis, this chart formation typically consists of three troughs, where the middle trough (the head) is deeper than the other two (the shoulders). This pattern often signifies a reversal from a downtrend to an uptrend.

Adding to the bullish cues, a bullish crossover between the MACD (blue) and signal (orange) lines further highlights the asset’s renewed recovery momentum.

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