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Analysis of the high-Toncoin(TON) price target of $15: bullish momentum or not?
General Overview of the Current Price
Toncoin (TON) is currently trading at the $5.23 level, and recently broke out from a symmetrical triangle pattern. This break out has initiated an uptrend ” higher highs(HHs) and lows(HLs) of prices” which marks increased bullish momentum in the market, while respecting its underlying trend line in doing so.
Breakout from Symmetrical Triangle Pattern and Bullish Momentum
The symmetrical triangle pattern is considered one of technical analysis’ key indicators that a price will continue moving upwards. Based on the range forecast results obtained from such patterns, TON is expected to maintain its bullish ease and follow through to the $15 level. That would be a potential upside of +190 percent over current price level.
Right now the price of Toncoin is undergoing a strong convergence towards the trendline, and a rebound from here is expected. This shall be the fifth wave if it forms, which often signals end of a very bullish market.
New Positions: Avenues and Strategies
This aggressive bullish trend provides a favorable entry point for new positions in Toncoin at only $5.23. In order to catch the wave traders who believe they can capitalize on this should set their price objective to 15, which is consistent with the pattern’s projected target. A stop-loss might then be set at $4.
Management of Existing Positions
For those who have long Toncoin already, it is suggested that they maintain their current position in anticipation of increased profits. This is because the ongoing bullish trend together with the price’s influence by and respect for support from trend lines, reveals a significant potential for market upside next.
Note: This is educational content and not financial advice. Always research thoroughly before making investment decisions.
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