TON Bulls Hold Wave 2 Support: Price Targets $2.25 to $3.50 Next
The selling pressure on Toncoin (TON) appears to have found a decisive floor. After testing the $0.96 level — the 61.8% Fibonacci retracement on the daily chart — the asset has rebounded and is now trading near $2.02, marking a roughly 3.4% gain on the day according to KuCoin data. This move suggests that Wave 2 support is holding, and technical analysts are now eyeing a potential breakout toward the $2.25 to $3.50 resistance zone.
Wave 2 Support Holds Firm
The $0.96 level has proven to be a critical turning point for TON. The 61.8% Fibonacci retracement is widely regarded as a key technical benchmark, and its ability to halt the recent decline has bolstered bullish sentiment. The subsequent recovery above the psychologically important $2.00 mark signals that buyers are stepping in with conviction. The move is consistent with a typical Elliott Wave correction pattern, where Wave 2 retraces a significant portion of Wave 1 before the next impulsive leg higher begins.
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Technical Setup Points Higher
From a technical perspective, the daily chart shows a clear bullish divergence on the Relative Strength Index (RSI), where price made a lower low while momentum made a higher low. This pattern often precedes trend reversals. Additionally, the volume profile indicates accumulation near the $0.96 support zone, suggesting that larger market participants are building positions. The next major resistance cluster lies between $2.25 and $3.50, an area that previously acted as both support and resistance. A clean break above $2.25 could open the door for a move toward the upper end of that range.
Why This Matters for TON Holders
For investors and traders, the defense of Wave 2 support is a constructive signal. It suggests that the corrective phase may be complete, and the asset could be entering a new impulsive uptrend. However, Consider that that technical patterns are not guarantees. A failure to hold above $1.80 would invalidate the bullish setup and could lead to a retest of the $0.96 low or lower. The next few trading sessions will be critical in confirming whether the bulls can sustain the momentum.
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Conclusion
Toncoin’s price action is sending a cautiously optimistic signal. The successful defense of the 61.8% Fibonacci retracement at $0.96, combined with a recovery above $2.00, sets the stage for a potential move toward the $2.25 to $3.50 resistance zone. While the broader cryptocurrency market remains volatile, TON’s technical setup is one of the more compelling narratives among altcoins in the current environment. Traders should monitor the $1.80 level as a key invalidation point and watch for a confirmed breakout above $2.25 for further upside confirmation.
FAQs
Q1: What is the significance of the $0.96 level for TON?
The $0.96 level represents the 61.8% Fibonacci retracement on the daily chart, a key technical support often watched by traders. Its defense suggests the correction may be over and a new uptrend could be starting.
Q2: What is the next major resistance for Toncoin?
The next major resistance zone is between $2.25 and $3.50. This area has historically acted as both support and resistance, making it a critical level for the bulls to overcome.
Q3: What could invalidate the bullish setup?
A decisive break below $1.80 would likely invalidate the current bullish outlook and could lead to a retest of the $0.96 support level or lower.
This article was produced with AI assistance and reviewed by our editorial team for accuracy and quality.
