Toncoin $TON is the native cryptocurrency of The Open Network blockchain (previously Telegram Open Network). It is used for network operations, transactions, games or collectibles. In today’s article, we’ll dive into the daily Elliott Wave structure taking place and explore the potential path based on the Theory.
$TON started a new bullish trend in June 2022. Since then, it rallied from $0.73 to a high of $7.6 ( +900% move ). The recent April peak is proposed to be a wave ((3)) within the current daily cycle and the coin already did a minimum of a 3 waves pullback to finish the wave ((4)). The downside correction unfolded within a Zigzag structure and it did reach the buying area around equal legs at $4.62 – $3. The blue box showing in our chart is a technical area where we expect the correction to end then the start of the next leg to the upside in a proposed wave ((5)).
The daily bullish structure for $TON should support the coin during corrective pullbacks in 3, 7 or 11 swings and it will provide investors with good buying opportunity for a higher targets toward $8.5 – $10.5 area before the next daily correction takes place.
Toncoin $TON Daily Chart 5.8.2024
Setup Recap
-Time Frame : Daily
-Entry Area : $4.62 – $4
-Invalidation Condition : Daily Close below $3
-Targets / Ratio : Target 1 at $9.5 (2.84 RR) – Target 2 at $15 (6.3 RR)
Source: https://elliottwave-forecast.com/cryptos/toncoin-ton/