The Toncoin Price Pumps 13% In A Week, But Analysts Say Consider This New Meme Coin For Exponential Gains
The Toncoin price soared 5% in the last 24 hours and 13% in a week to trade at $6.66 as of 02:29 a.m. EST on trading volume that dropped 24% to $469 million.
This comes as Binance announced the listing of new TON spot trading pairs on Aug. 8, as the decentralized and open L1 blockchain, created by the community using technology designed by Telegram, continues to gain traction.
Toncoin Price To Continue Surging
The Toncoin price dropped at the beginning of August from $6.79 to find support at around $5.2, according to data from GeckoTerminal .
Bulls then pushed the token back to the $6.79 resistance, forming a rounding bottom pattern. However, the Toncoin price invalidated the bullish prospects of the rounding bottom, as it dropped back to $6.0, completing a cup and handle pattern.
TON price bulls aim for a rally as traders capitalize on the pattern to stage a bullish trend over the handle. The price of Toncoin now trades above the 50 Simple Moving Average (SMA) on the 4-hour chart, as bulls struggle to push the price above the 200 SMA at $6.69.
Moreover, the Relative Strength Index (RSI) is also soaring towards the 70-overbought region, currently at 61, as buying activity intensifies.
The Moving Average Convergence Divergence (MACD) also supports the bullish prospects, as it trades above the zero line. Also, the blue MACD line crossed above the orange signal line recently.
If bulls capitalize on the cup and handle pattern, together with the RSI and MACD, the price of Toncoin could soar. Traders will likely target $8 in this scenario.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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