Toncoin Shows Strong Performance with Significant Price Increase.

Toncoin 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 crypto market, 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.

ΤΟΝ Chart Analysis.

The BARR 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.

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 TON 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.

The bullish setup also takes cues from what appears to be the formation of an inverse head and shoulders (IH&S) setup, characterized by three troughs (the middle one deeper than the other two) forming below a common resistance level known as the neckline.

Details on the Subject.

Beyond the technical setup, Toncoin's 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.