en.coinotag.com
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Toncoin’s recent breakout has ignited bullish momentum in the crypto market, with traders setting their sights on key price targets of $6.03 and $8.30.
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The resurgence of Toncoin (TON) aligns with favorable market sentiment, supported by strong technical indicators and positive on-chain metrics.
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“If TON manages to decisively break above $6.03, it could signal a strong rally ahead,” say analysts at COINOTAG.
Toncoin’s breakout sparks bullish momentum as traders aim for $6.03 and $8.30 targets, fueled by strong technical and on-chain indicators.
Toncoin Breaks Out from Bullish Pennant Pattern
The breakout of Toncoin from a bullish pennant pattern represents a significant technical milestone, pointing towards a potential upward trend. This breakout was confirmed by a successful retest of the pattern’s lower boundary, which acted as support for the current ascent.
As of now, the immediate resistance level is set at $6.03, a price point that has historically impeded Toncoin’s progress upward. Overcoming this resistance is critical. If Toncoin successfully surmounts the $6.03 barrier, it could pave the way for higher price targets, such as the ambitious $8.30, in line with previous historical price patterns and Fibonacci retracement levels.
Conversely, if Toncoin fails to breach the $6.03 threshold, the cryptocurrency may face a pullback towards the $5.00-$4.50 support area, compelling traders to remain vigilant about future price movements.
