Crypto markets have seen notable movements recently, particularly in Toncoin (TON) and Chainlink (LINK), driven by significant technical patterns and key support levels. Analysts have highlighted these developments, offering insights into potential future price actions.
Toncoin (TON) recently demonstrated a classic bearish reversal pattern known as the rising wedge. This pattern, characterized by two converging trendlines showing higher highs and higher lows, indicated a narrowing range that often precedes a decline. The price of TON eventually broke down from this pattern, confirming the bearish trend.
The measured move from the breakdown met the expected target, showcasing the effectiveness of technical analysis in predicting price movements. This decline was further validated by the interaction with the 50-day Exponential Moving Average (EMA50). Notably, Crypto Bullet, a well-known analyst, asserted that TON gained a +60% profit using 2x leverage on this trade. This suggests that the actual price drop was around 30% from the breakdown point, highlighting the potential for significant gains in volatile markets.
In another development, analysis by World Of Charts revealed that Chainlink (LINK) is currently testing a multi-year support zone that has historically acted as a strong price floor. This area, marked by horizontal lines on the chart, has been revisited multiple times, underscoring its importance.
Recent price action has seen LINK approach this crucial support level, a critical juncture that could determine its future trajectory. World Of Charts suggests that a successful retest of this support could propel LINK towards new all-time highs in the coming months. This potential bullish move is supported by the chart’s upward projection, indicating investor confidence in LINK’s ability to hold above this key support level.
Chainlink Dominates ERC-20 Rankings with Highest Development ActivityThe current market data aligns with these technical analyses. At press time, Toncoin is priced at $5.75 with a 24-hour trading volume of $392,498,107. It reflects a 5.14% price increase in the last 24 hours but a 15.64% decline over the past seven days. This volatility underscores the importance of understanding technical patterns like the rising wedge.
Meanwhile, Chainlink is valued at $10.31, with a 24-hour trading volume of $396,062,861. LINK has seen a 3.76% price increase in the last 24 hours but a 21.64% decline over the past week. This data highlights the significance of the multi-year support area and the potential for a strong rebound if this level holds.
