Toncoin price is currently around $5.71 and has mostly missed the recent cryptocurrency rally, dropping by over 36% since the start of the year. Despite the recent setback, crypto analysts remain optimistic about Toncoin’s future, attributing its recent struggles to the arrest of Pavel Durov and the subsequent decline in most TON tokens.
Some analysts believe that Toncoin’s price may have bottomed out, expecting a bounce back in the coming weeks. Others identified a falling wedge pattern, suggesting a bullish breakout is imminent. Toncoin transactions are also on the rise, with more than 7.27 million transactions on November 11, showing a positive trend for the Toncoin price.
The daily chart for Toncoin points to a bullish reversal with a double-bottom pattern at $4.46, and a breakout above the upper side of the falling wedge pattern. The Supertrend indicator has also turned green, indicating a bullish sign. Toncoin may retest the year-to-date high of $8.27 if it manages to flip the double-bottom’s neckline at $6.13.
In conclusion, Toncoin is showing signs of a potential recovery, and it may rise to its previous highs if bulls maintain their momentum. However, if it falls below the double-bottom level at $4.456, it may face further downside. Investors should remain cautious and monitor the price movements closely.
