Toncoin’s BARR breakout has set the stage for a 40% Toncoin price rally.
Toncoin in 2010 It emerged as one of the top-performing cryptocurrencies on August 19, rising nearly 9% in the past 24 hours. This rally is in stark contrast to the broader crypto market, which has seen a 3% decline over the same period.
Ton price in September for 40% rally
The sharp rise in the price of Toncoin (TON) is part of a technical breakdown derived from the classic bump-and-run reversal (BARR) pattern.
The BARR pattern, which Ton has closely followed in recent weeks, typically begins with a gradually declining lead segment. This stage is characterized by a sharp decline and runaway stage where the asset recovers and breaks above key resistance levels.
Toncoin in 2010 On August 18, it entered the run-up level, confirming a breakout by securing a decisive move above the downtrend that had limited the earlier recovery.
The increase in trading volume supported the break, an important indicator of the strength behind the movement. Additionally, the tone is trading above the 50-day (red) and 200-day (blue) moving averages (EMAs), both of which have started to turn higher.
If the ton maintains its upward trend, it may indicate a level of $9.50 in September, which is a 40% increase from the current price. This price point corresponds to the height of the bearish phase of the BARR pattern and coincides with the resistance seen in early July 2024.
A bullish setup receives additional signals from the formation of what appears to be an inverse-head-and-shoulders (IH&S) arrangement, characterized by the formation of three troughs – the middle one being deeper than the other two – below the common resistance level. It is called the neck line.
IH&S patterns are considered bullish reversal settings. They resolve when the price successfully breaks above the neckline and rises as high as the distance between the neckline and the deepest point of the pattern (called the head).
Applying this technical rule to the daily chart of TON/USDT brings the bullish target for September around $10, which is close to the BARR setup target.
Injectable integration, launched to drive TON venture adoption
Beyond the technical setup, Toncoin's recent rally has been fueled by a number of significant fundamental developments.
For example, on August 14, the Ton Foundation established a $40 million fund called Ton Ventures to support early-stage projects building on the Ton blockchain. This initiative could attract a new wave of developers and projects to the open network.
On the same day, decentralized financial protocol Injectiv announced its integration with the TON blockchain. This partnership enables ton-based assets to be used across the entire Injector ecosystem, including connecting and decentralized applications.
Related: Toncoin (Ton) gained 10% after the addition of the Binance Launchpool platform
These fundamental drivers have contributed to recent increases in tonnage prices as they increase token availability and market access.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
