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- Bullish Banter predicts Toncoin (TON) could break above $3.90, attracting attention in the crypto market due to an upward chart pattern.
- After consolidating between $3.50–$3.80, Toncoin is testing key support levels, with a potential breakout aiming for the $3.90 resistance.
- Patience is key for traders, as confirmation through price action and volume is needed to avoid short-term pullbacks before the breakout.
Toncoin (TON) is gaining much attention in the cryptocurrency market as Bullish Banter affirms an upward chart pattern for the token. It is worthy of note that an X post on Friday, Banter highlighted a liquidity sweep within a demand zone, which makes it possible to predict that Toncoin might be about to experience a breakout. It ranges between $3.50 and $3.80, there is even a high likelihood to break through $3.90 in the midst of a bullish run.
Toncoin’s Consolidation Phase
Toncoin has been stuck in this range for a long time as per the analysis in detail below. This consolidation phase bears an indication that the cryptocurrency is touching some of the crucial support levels before it is likely to transition to an upward trend. Thus, the target of $3.90 corresponds with signs that the stock is heading for a breakout above $3.80. This formation of fresh liquidity in the market supports this assertion, as Toncoin is likely to challenge the next resistance level.
The analyst firmly advises traders to wait for confirmation before they dive in. The analyst noted that a breakout should be confirmed by following movements in price action and volume. For this to happen, there is always the likelihood of a short-term pullback if the price goes lower to where the previous breakout happened. Therefore, the current consolidation zone is still the key level to monitor in the coming days.
Future Growth Potential
At the time of writing, the price of Toncoin is $3.65 and it is up by 0.39% in the last 24 hours. Nonetheless, the cryptocurrency has suffered a decline of 3.68% over the week prior to this article’s writing. Toncoin has performed a trading volume of 143.66 million within the last 24 hours, and the recent sentiment turned bearish, still overall expectations remain bullish as the chartists predicted an upcoming breakout.
Source: TradingView
Toncoin outlook seems positive in the future and investors are advised to wait for the actual breakout of the expected pattern. At the moment, the bulls’ presence in the demand area shows that Toncoin has the potential for further growth, but a breakout can lead to this growth. Investors needs to be patient and wait until the definitive signs, which will point to what direction the Toncoin price is actually going to emerge.
