Key Observations:
- Cup and Handle Pattern:
- The chart shows a clear Cup and Handle pattern, which is a bullish continuation pattern.
- This pattern is characterized by a U-shaped recovery (the cup) followed by a smaller consolidation (the handle) before a breakout.
- Breakout:
- Toncoin (TON) appears to be breaking out from the handle, suggesting a potential upward move.
- The breakout is happening above the $7.50 resistance level, which has now turned into a support level.
- Price Levels:
- Current Price: $7.999
- Support Zone: The blue shaded area around $7.00 to $7.50 serves as a support zone.
- Resistance Levels: Next potential resistance levels could be around $9.00 and $10.00, as indicated by the projected green path.
Indicators and Trends:
- Trend: The overall trend is bullish, as indicated by the Cup and Handle pattern.
- Potential Targets:
- The measured move from the depth of the cup to the breakout point suggests potential targets around $9.50 and beyond, as depicted by the green projected path.
Conclusion:
- Bullish Outlook: The breakout from the Cup and Handle pattern is a bullish signal. If the breakout holds and is supported by volume, Toncoin (TON) could see a significant upward move towards $9.00 and potentially higher.
Recommendations:
- Entry Point: A good entry point could be near the current price of $7.999, with a stop-loss just below the support zone at $7.50.
- Target Levels: Initial target around $9.00, followed by a longer-term target near $10.00.
- Risk Management: Ensure to manage risk appropriately, considering the volatility and confirming the breakout with trading volume.
Caution: Crypto trading involves significant risk due to high volatility. Always conduct thorough research, use proper risk management strategies, and never invest more than you can afford to lose.
