A chart analysis shared by TradingView analyst CobraVanguard suggests that Toncoin (TON) may be entering a bullish phase. The crypto’s price has shown signs of reversal after bouncing off a key support level.
These signs hint at the start of a potential 5-wave Elliott Wave upward movement. Additionally, this development could signal the end of a prolonged bearish correction, leading to higher price levels.
What you'll learn 👉
Toncoin’s Price Reversal
CobraVanguard’s analysis indicates that the price of TON has increased after hitting a crucial support level. The price action suggests that the falling corrective waves may have finished, suggesting the prospect of a bullish reversal.
Elliott Wave Theory, which postulates that a 5-wave impulsive rising trend may ensue after a corrective phase, is consistent with this action. In the upcoming days, traders may see higher highs and higher lows, further confirming the beginning of the expected bullish trend, if the current support level holds.
Wave Structure and Bullish Potential
The completion of the ABC corrective wave structure strengthens the case for a bullish breakout. According to CobraVanguard’s chart, Toncoin could be entering the early stages of a 5-wave upward movement. The first wave may already be forming, driven by the price bounce from the support level.
This potential bullish trend is further supported by Elliott Wave Theory, which suggests that the next phase after a correction is a strong upward movement. Traders should keep a close eye on the chart for confirmation of each wave’s formation.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: Fantom (FTM) Price Surge: Analyst Predicts Potential 2x Run
Key Levels to Monitor for Traders
Traders are advised to monitor the support level closely. If the price remains above this level, it will confirm the upward momentum and signal the continuation of the 5-wave pattern. Additionally, resistance zones should be identified as potential targets for the next price movements.
However, a break below the support level could invalidate the bullish scenario and lead to a continuation of the corrective phase. For now, the market shows early signs of recovery, but traders should remain cautious and watch for further confirmations.
The combination of strong support and the completion of the corrective wave structure indicates that Toncoin could be preparing for a major bullish run.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
