bullish

Injective

Strong

Toncoin

Foundation

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/toncoin-shows-strong-performance-with-significant-price-increase/" data-wpel-link="internal">Toncoin Shows Strong Performance with Significant Price Increase</a><br></p>
<p class="p1" style="text-align: justify"><strong>Toncoin</strong> emerged as one of the best-performing cryptocurrencies on August 19, rising by approximately 9% in the last 24 hours. This rise contrasts with the broader <a href="https://en.coin-turk.com/okx-ceo-addresses-account-closure-policies/" data-wpel-link="internal">crypto market</a>, which fell by 3% during the same period. The sharp increase in Toncoin (TON) price could be part of a technical breakout from a classic bump-and-run reversal (BARR) pattern.</p> 
<h2 class="p1" style="text-align: justify" id="ton-chart-analysis">TON Chart Analysis</h2> 
<p class="p1" style="text-align: justify">The <strong>BARR</strong> pattern that TON has closely followed in recent weeks typically starts with an entry phase marked by a gradual decline. This phase is followed by a bump characterized by a steep drop and a run phase where the asset recovers and breaks above significant resistance levels. On August 18, Toncoin entered the run phase, confirming the breakout with a decisive move above the descending trendline that previously capped its recovery.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-381091 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/ton-1.png" alt="" width="2726" height="1447"></p> 
<p class="p1" style="text-align: justify">The increasing trading volume supported the breakout, indicating the strength behind the move. Additionally, TON is trading above its 50-day (red) and 200-day (blue) exponential moving averages (EMA), both of which are starting to turn upward. If <strong>TON</strong> continues its upward trajectory, it could target the $9.50 level by September, a 40% increase from its current price. This price point corresponds to the height of the bump phase of the BARR pattern and aligns with resistance observed in early July 2024.</p> 
<p class="p1" style="text-align: justify">The bullish setup also takes cues from what appears to be the formation of an inverse head and shoulders (IH&amp;S) setup, characterized by three troughs (the middle one deeper than the other two) forming below a common resistance level known as the neckline.</p> 
<h2 class="p1" style="text-align: justify" id="details-on-the-subject">Details on the Subject</h2> 
<p class="p1" style="text-align: justify">Beyond the technical setup, <strong>Toncoin’s</strong> recent rise has been supported by several significant fundamental developments. For example, on August 14, the TON Foundation launched TON Ventures, a $40 million fund supporting early-stage projects built on the TON blockchain network. This initiative will likely attract a new wave of developers and projects to The Open Network.</p> 
<p class="p1" style="text-align: justify">On the same day, the decentralized finance protocol Injective announced its integration with the TON blockchain network. This partnership enables TON-based assets to be bridged and utilized across Injective’s ecosystem, including decentralized <a href="https://newslinker.co/category/mobile/" target="_blank" rel="noopener" data-wpel-link="exclude">applications</a>. These fundamental drivers have likely contributed to the recent increase in TON’s price by enhancing the token’s utility and <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market accessibility</a>.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/toncoin-shows-strong-performance-with-significant-price-increase/" data-wpel-link="internal">Toncoin Shows Strong Performance with Significant Price Increase</a></h5>
<p>The post <a href="https://en.coin-turk.com/toncoin-shows-strong-performance-with-significant-price-increase/" data-wpel-link="internal">Toncoin Shows Strong Performance with Significant Price Increase</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Toncoin Shows Strong Performance with Significant Price Increase

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