Toncoin (TON) has demonstrated a notable uptrend in the recent trading session, lingering close to the critical $5.0 threshold. Toncoin (TON) is the native cryptocurrency of The Open Network ecosystem. Starting the day off strong, TON maintained a steady position around the $4.90 mark, indicating solid market activity. 

Despite a minor 0.47% decrease in the last 24 hours, the coin shows a persistent presence, ranking at #12 on CoinMarketCap with a live market cap of USD 17,051,319,370. Following today’s minor retraction, the current price is $4.91 suggesting a healthy market correction after the significant uptick.

The recent price surge of Toncoin from $3.3 to the $5 region represents 40% growth, surpassing the previous resistance level of $4.58. The Open Network’s launch of The Open League, a community incentive program, can be seen as a pivotal driver for TON’s value increment. Allocating 30 million Toncoin, approximately valued at $115 million, this initiative is set to propel further growth within the TON ecosystem.

TON’s resilience is notable, as seen by its quick recovery from the dip caused by external events such as the temporary injunction on Telegram services in Spain. The coin’s swift bounce back to around $4.90 suggests the possibility of TON reaching the $10 milestone. The $10 milestone remains speculative, with the optimism fueled by The Open Network’s recent activities and the coin’s overall market performance. 

TON/USD Awaits Trend Confirmation, Above %5.0

In the latest 4-hour chart, the TON/USD pair is trading just above a significant ascending support line, currently at approximately $4.903, which has been holding since the uptrend began earlier this month. This support line is critical as it has repeatedly bolstered the price, suggesting a strong bullish sentiment each time the price dips towards it.

The Relative Strength Index (RSI) Divergence Indicator shows a reading below the 50 level, indicating a bear signal. This divergence between the RSI and the price action could be a precursor to a potential reversal, as the momentum indicator does not fully support the recent highs in the price.

Furthermore, the Average Daily Range (ADR) indicator, standing at 0.16569711, points to the volatility of the price over the past 14 periods being relatively stable. However, this could change rapidly if the price breaks below the ascending support line, which may then alter the volatility landscape significantly.

If TON/USD sustains its position above the ascending line, it may attempt to test the previous highs around $4.95. However, if the support line fails, a deeper retracement could occur, with traders watching for the next levels of potential support suggested by previous price action and the ADR.

TON/USD Anticipates Breakout above $5.0

On the 2-hour chart, TON/USD is forming a classic ‘Head and Shoulders’ pattern, indicative of a potential reversal from the recent uptrend. This classic reversal pattern comprises a left shoulder peaking around $4.88, a head surpassing this to touch nearly $4.91, and a developing right shoulder.

In tandem with this pattern, a Falling Wedge formation is also spotted, suggesting a potential bullish outcome. This pattern is often associated with a reversal to the upside following a downtrend. TON/USD is currently positioned just below the critical resistance point provided by the 9-period EMA at around $4.9866.

Moreover, the MACD indicator below the price chart is narrowing towards a bullish crossover, with the potential to flip into positive territory, which could indicate increasing buying pressure.

Looking ahead, a key level to watch is the upper boundary of the Falling Wedge pattern. A decisive close above this, coupled with a sustained move beyond the EMA, could validate bullish predictions. Conversely, should the price falter and break below the wedge’s lower boundary, it may signal an extended bearish phase. With TON trading around $4.9075 and the market teetering at a crucial juncture, the anticipation builds for the next decisive move.