Toncoin Melejit 40%, Breakout Dan Momentum Bullish Jadi Pendorong

Toncoin (TON) skyrocketed 40% (Photo; Doc. Romafinanza)

JAKARTA - In the midst of a decline in the overall crypto market, Toncoin (TON) stole attention with a price spike of 6.50% on August 19, 2024. When the majority of crypto assets experienced a collective decline of around 3%, TON actually displayed opposite performance, indicating strong divergences of market trends in general.

This increase was triggered by a technical pattern known as hump-and-run reversal'' (BARR). This pattern has three main stages: a gradual drop in prices, a sharp decline, and recovery that triggers breakouts. Toncoin has just entered the run' phase of this BARR pattern on August 18, where the price of TONS managed to penetrate a crucial downward trend line. This breakout is reinforced by a significant increase in trading volume, signaling strong buying interest among investors.

Currently, the price of TONS is trading at 6.76 US Dollars (approximately IDR 104,306), and is above the 50-day and 200-day exponential movement (EMA) average, both of which are trending up. This condition further strengthens the bullish prospect for TONS.

According to Coinspeaker information, if this upward trend continues, TON is expected to reach 9.50 US Dollars (approximately IDR 146,585) in September, or an increase of 40% from the current price. This target is in line with the peak of the hump'' phase of the BARR pattern and is in line with the resistance level seen in early July 2024.

In addition, the daily TON graph also shows the potential of the inverse head-and-shoulders (IH&S) pattern, which is often a market reversal signal. This pattern consists of three points of decline, with the middle drop to the deepest. When prices manage to penetrate the neckline of the IH&S pattern, usually prices will rise equivalent to the distance between the neckline and the deepest drop point (so-called head). If this pattern is realized on the TON/USDT pair, the price could approach 10 US Dollars (approximately Rp154,300) in September, in line with the target breakout of the BARR pattern.

The recent increase in TONs was also supported by other positive developments. On August 14, 2024, the TON Foundation launched the TON Ventures, a US$40 million fund (around Rp617 billion) aimed at supporting new projects on the TON blockchain. The fund is expected to attract developers and innovative projects, which could increase the growth of the TON network.

On the same day, TON is also integrated with the Injective decentralized finance protocol (DeFi). This partnership allows TON-based assets to be used in the Injective ecosystem, including various decentralized applications (dApps). This step expands the use of TONS and has the potential to increase adoption in the DeFi sector.