Market Recovery Driven by Institutional Support
The cryptocurrency market continues to navigate a turbulent landscape, with Toncoin (TON) showcasing notable volatility alongside impressive endurance.
Having formed a head-and-shoulders pattern featuring considerable resistance at $4.15, TON has bounced back from its recent lows. Currently, it is trading at $4.13 after achieving a weekly increase of 12.5%.
This rebound coincides with reports that prominent venture capital firms, such as Sequoia, Ribbit Capital, and Benchmark, collectively possess over $400 million in TON, reflecting strong institutional faith in the blockchain’s prospects.
Key Technical Insights on TON
- The price action illustrates a head-and-shoulders pattern, facing resistance at $4.15 and support at $3.60.
- The support level at $3.60 was surpassed during the selloff on April 3rd.
- Analysis of volume reveals distribution phases aligning with price highs, indicating institutional profit-taking behavior.
- Fibonacci retracement analysis shows a possible stabilization around the 0.618 level at $3.58.
- A cup-and-handle pattern emerged during the recovery, with initial resistance encountered at $3.58.
- Strong buying activity was noted during the 15:32-15:34 and 15:58 intervals.
- The price has regained the Fibonacci 0.382 level at $3.59, hinting at potential continuation toward the $3.65 mark.
Disclaimer: This piece has been created using AI tools and subsequently reviewed by our editorial staff to ensure precision and compliance with our standards. For additional details, please refer to our AI Policy. The article may include insights from other sources, as applicable.
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