Is Toncoin Going to the Moon? Buckle Up for a Wild Ride! 🚀🤣

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As the grand titan, Bitcoin, remains steadfast above the exalted threshold of 102,000, altcoins find themselves on a precarious path, akin to a tightrope walker teetering over a yawning chasm. The crypto cosmos, bereft of Bitcoin’s glow, paints a picture of intrigue and chaos:

Bitcoin (BTC): $102 614
24h volatility: 0.0%
Market cap: $2.03 T
Volume (24h): $42.15 B

Ethereum (ETH): $3 139
24h volatility: 1.4%
Market cap: $378.15 B
Volume (24h): $19.06 B

In this tumultuous landscape, Toncoin (TON) emerges, like a phoenix preparing to soar from the ashes, and is quoted at the curious price of $4.85. A recovery, albeit a mere shimmer of what it could be, whispers of a rally.

Despite a feeble decline of 2.15% within the past 24 hours, our gallant Toncoin holds a market value of $4.84, nestled firmly within the embrace of a $12 billion valuation. Marvelous, isn’t it?

As we stand at the crossroads of fate, will this 14th most admired cryptocurrency leap to new heights? Let’s embark on this whimsical journey.

Toncoin (TON) Price Analysis: Aiming for a Meteoric $6.73 with Wedge Breakout Rally

Behold, the 4-hour tapestry of Toncoin’s price action reveals a local resistance, a trendline looms over the landscape like a strict monarch. Yet, amidst this stern facade lies the converging support trendline, cradling Toncoin as it dances the dance of a falling wedge.

A hard-nosed bearish influence tries to shake the podium, but the support zone at $4.77 proves resilient, holding the Toncoin ensemble tight. For lo! A second reversal from this sanctuary has unfolded over the past 48 hours, hinting at an impending double-bottom reversal—a tale worthy of epic poetry!

Toncoin price chart

Encouraging signals shimmer in the form of the 4-hour RSI line, which hints at a positive divergence between the two bottomless pits. As the neckline frolics near the 23.6% Fibonacci level at the remarkable $5, Toncoin whispers sweet nothings of a breakout rally.

As our brave altcoin stands on the cusp of delivering two pattern breakouts—double bottom and falling wedge—the upside prospects expand infinitely. A journey through the Fibonacci cosmos could bring us to an exhilarating $5.72.

And lo, the prophecy suggests the price could ascend to the fabled 1.618% Fibonacci zenith at a staggering $6.73. Dreams do come true!

Analysts Sound the Sirens: Incoming Supply Wave from the Sea of Exchanges

Yet, even amidst glittering prospects, shadows lurk in the form of a massive incoming supply wave. A recent revelation by the astute Martinez Ali, an oracle of technical analysis, speaks of an unwelcome surge of Toncoin flooding the exchanges.

According to data sent from the Santiment ether, a staggering 240,000 Toncoins have pirouetted onto exchanges in the past week. Might the specter of selling pressure rear its ugly head and sully our dear Toncoin’s potential?

Over 240,000 #Toncoin $TON have been transferred to exchanges in the past week, perhaps heralding a tempest of selling pressure, as indicated by @santimentfeed!

— Ali (@ali_charts) January 29, 2025

Perusing the price chart, should we descend beneath the $4.77 support zone, we may find ourselves plummeting to $4.60, or worse, to the dreaded $4.00 psychological abyss.

Will Toncoin Absorb the Rising Tide of Supply?

As the influx of supply clashes with the radiant bullish ambitions, on-chain data offers a glimmer of clarity amidst the haze. Diving into the mysterious depths of the block, Toncoin reveals formidable resistance ahead.

The anticipated supply zone extends hungrily from $4.87 to $5.02, harboring a treasure of 665.47 million TON tokens. However, between $4.72 and $4.87 lies an oasis of nearly 17 million TON tokens awaiting thirstily.

Thus, with a sturdy support zone at its beck and call, Toncoin beckons with increased promise for a sustained bullish journey. Let’s see where this whimsical adventure takes us next!

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2025-01-29 14:48