Market Analysis

TONCOIN PRICE ANALYSIS & PREDICTION (October 18) – TON Gains 6% Overnight As This Cup And Handle Pattern Targets $3.5

Telegram’s native cryptocurrency – The Open Coin (TON) has been on the rise since it found a solid ground level in August. It corrected lower last month and now looks set to resume bullish with a cup and handle pattern.

After losing momentum for more than a year, TON found a bottom at $1.2 in August and began to increase until it encountered resistance at $2.6 in mid-September. 

The asset went through a correctional phase for weeks but later found a ground above the $1.9 level this month. It took off that level this week and pushed near $2.2 today. That push saw the price break away from a tight descending channel to signal a potential increase.

Meanwhile, a cup and handle pattern has been formed on the daily chart. This could bring the bulls back into action if the pattern plays out well. While anticipating the next move, the short-term price range to watch for this bullish pattern is $3.5.

On the other hand, the bears have intercepted the latest buying as they have managed to drop the price to $2 at the time of writing. If they mount pressure and the price dips below the weekly support, the September pullback area (marked orange) would be the next area of interest for the bears.

TON is still in a buying zone as it currently leads the top-gainer chart with a 6% gain in the last 24 hours. Its market cap stands an inch above $7 billion at press time.

TON’s Key Level to Watch

Source: TradingView

On the way up, TON may encounter minor resistance at $2.39 before rising further to $2.6. The higher resistance levels to watch for an increase are $2.9 and $3.2.

As the price sits above the $1.9 support, a crackdown could see the price plunge to $1.6, located in the orange demand area on the daily chart. The lower support level to watch is $1.2.

Key Resistance Levels: $2.6, $2.9, $3.2

Key Support Levels: $1.9, $1.6, $1.2

  • Spot Price: $2
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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