Toncoin Price Gains 9%: The Rise with BARR Formation

Toncoin Price Rises as Crypto Market Falls

On August 19, Toncoin became one of the best-performing cryptocurrencies, rising around 9% in the previous day. In sharp contrast to this gain, the whole cryptocurrency market fell by 2.34% within the same time frame.

• Toncoin’s (TON) recent strong price increase is a result of a technical breakout from a traditional bump-and-run reversal (BARR) pattern.
• Usually, the BARR formation starts with a lead-in phase that is characterized by a slow drop.
• The asset recovers and breaks above significant resistance levels during the run phase, which comes after the bump, which is marked by a sharp decline.

Toncoin’s $9.50 Target and Strong Performance Above EMA

On August 18, Toncoin made a clear rise above the descending trendline that had previously restricted its recovery, validating the breakout and ushering in the run phase. The breakout, a critical sign of the power underlying the move, has been supported by increased trading volume. Moreover, TON is trading above its exponential moving averages (EMAs) of 50 days (red) and 200 days (blue), both of which have begun to rise.

• If TON keeps moving upward, it might reach its September goal price of $9.50, which would be a 40% rise over its present value.
• This price point lines up with resistance noted in early July 2024 and the peak of the bump phase of the BARR pattern.

The Main Reasons for TON’s Rise

Beyond the technical configuration, several noteworthy basic advancements have propelled Toncoin’s current upswing. For example, the TON Foundation established TON Ventures, a $40 million fund that supports startups that are developing on the TON blockchain, on August 14. The Open Network will probably see a surge in new projects and developers as a result of this effort.

Injective, a decentralized finance protocol, revealed that it had integrated with the TON blockchain on the same day. Through this collaboration, TON-based assets can be used in decentralized applications as well as spanned throughout Injective’s ecosystem.

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