During Friday’s U.S. market session, the crypto market witnessed a surge in selling pressure, with Bitcoin surging to sustain above the $95,000 mark. The short consolidation has stalled recovery in most major cryptocurrencies, including TON. The Toncoin price reverts from 4-month resistance, suggesting a possible correction. Is a rally to ATH still possible?
Currently, the TON price trades at $6.46 with an intraday loss of 5.43%. According to Coingecko data, the asset market cap is at $16.5 Billion, while the 24-hour trading volume is at $714.2 Million.
- Toncoin price breakout from double bottom pattern signal end of prevailing correction Trend.
- An evening star reversal candle forming at $7 hints at a higher potential for a pullback before the next leap.
- The 20-day EMA (Exponential Moving Average) offers suitable pullback support for TON buyers.
Double Bottom Formation Signals Toncoin Price Reversal
Amid the November rally, the Toncoin price showed steady growth from $4.48 to $7, registering a 55% growth. While this surge followed the broader market recovery, the price chart showed a bottom formation at $4.48, and a reversal pattern called a double bottom.
The ‘W’ shaped recovery forms two reversals, indicating an active accumulation trend at the bottom. Currently, the TON price trades at $6.5 and is set to plunge 7.7% to test $6 support.
The horizontal level coinciding with the 20-day EMA slope could allow buyers to recuperate the exhausted bullish momentum. A bullish crossover between the 50-day and 200-day EMAs could further intensify the buying pressure.
If the pattern holds true, the Toncoin price could break the $7 resistance, signaling the escape from a 4-month accumulation /sideways trend.
TON’s Transaction Volume Hits New Heights
IntoTheBlock, the blockchain analytics platform, has highlighted the impressive growth of TON’s large transaction volume, noting consistent progress since 2021. In a recent tweet, they reported that the weekly transaction volume has surged to an impressive 8.5 billion $TON, reflecting strong momentum in the network’s utility and adoption.
This growth trajectory underscores the increasing traction of TON, potentially positioning it as a key player in the blockchain ecosystem.
TON’s large transaction volume has shown consistent growth since 2021, now reaching an impressive 8.5 billion $TON per week. pic.twitter.com/B0DJFoMXJU
— IntoTheBlock (@intotheblock) December 2, 2024
On the contrary, if sellers break the combined support of the 200-day EMA and $5.5, the Toncoin price has the greatest support of $4.48 support.
Read more: TON & ADA Traders Eye 1600% Gains via RCO Finance by Q4 2024
