Toncoin (TON) Price Analysis: Evening Star Pattern Forms, Will the Uptrend Survive the Pullback Phase?

The TON price action forms an evening star pattern. The MACD indicator shows a bullish crossover. An uptrend move with a post-retest rally could hit the $10 psychological mark.

The price of TON is experiencing a downturn from a psychological whole number price at $5, where a massive buying pressure was spotted and led to a V-shaped recovery in the price action. The uptrend in TON price encountered the 200-day EMA and bounced back powerfully.

The uptrend in TON price from $5 asserted dominance over a psychological whole number price and showed resilience in a bear market. However, a recent pullback in the same reversal rally retested crucial support, and the TON price experiences massive pressure. Will the uptrend in Toncoin survive this pullback phase?

Toncoin Price Performance

A V-shaped recovery in the price action from the $5 mark led to a quick surge in the TON price, which was spotted after a prolonged downtrend. The uptrend in TON price encountered the 200-day EMA and bounced back powerfully.

The price action formed an evening star pattern with the recent pullback, putting pressure on the uptrend in Toncoin. However, the buyers quickly stepped in to drive the price back up.

Currently, the TON price is trading at $6.28 with an intraday growth of 1.13%, revealing the bullish attempt to avoid a bearish start to the week. As the buyers are holding the downtrend to avoid losing $6, the uptrend chances hang on the broader market movement.

Technical indicators

EMA: The declining 50D EMA acts as a dynamic resistance and warns of a death cross with the 200D EMA.

MACD: The bullish crossover in the MACD and signal lines tease an uptrend continuation as the positive histograms resurface above the zero line.

Will Toncoin Hit $10?

In the daily chart, the trend-based Fibonacci retracement reveals the ongoing correction hanging at the 23.60% level at $6.21. As the pullback phase comes as a retest, the buyers maintain an optimistic view of Toncoin.

In the short term, the 50D EMA breakout will be a price action confirmation for a bullish trend continuation.

With a post-retest rally, the TON price could aim for the $7.68 breakout run if the broader market recovers. Hence, with a breakout run, the Toncoin prices could continue to reach the $10 milestone.