[With 83% of Toncoin supply in profit, bulls target $10]
Amid the market recovery, Toncoin emerged as one of the best-performing cryptocurrencies today, rising 8.25% in the past 24 hours. Toncoin is showing strong bull momentum as altcoin markets gain momentum, potentially signaling a trend reversal rebound.
Looking at the 4-hour chart, Toncoin is forming an arc bottom pattern with a neckline at $7.10 and has completed a five-wave Elliott Wave pattern. The MACD indicator is pointing to a bullish trend, with a golden cross between the support trendline and the 50- and 200-day moving averages likely to further enhance upward momentum.
TradingView's technical indicators also support bullish sentiment, with 13 buy signals suggesting bulls still have the upper hand. According to IntoTheBlock, 4.8 billion TON tokens are held by profitable addresses, with 778.23 million TON tokens worth $5.35 billion at breakeven.
Currently, the 4-hour candlestick shows a bearish retracement of 2.14%, threatening a breakout of the arc bottom pattern. But if the support trendline and the 200-day moving average provide enough support, a cup-and-handle pattern could form, pushing the price to challenge the $8 and $9.50 resistance levels and potentially break out above the $10 mark. On the flip side, a break below the support could see the price fall back to the $6.27 or $5.80 support levels.