TonCoin ($TONUSD) is retracing the bullish sequence that gained over 700% between June 2023 and June 2024. Where next can buyers find opportunities?
Toncoin (TON) is the native cryptocurrency of The Open Network (TON), a decentralized Layer 1 blockchain initially developed by Telegram. After Telegram ceased its involvement due to regulatory challenges, the project was taken over by the TON Foundation and the open-source community.
From August 2021 when it was listed on the exchanges, TonCoin is emerging into an impulse wave sequence. However, the sequence is incomplete. Price completed wave ((1)) and ((2)) on November 2021 and June 2022 respectively. From June 2022, the cryptocurrency evolved and made its biggest gain since inception, completing waves (1)-to-(3) of ((3)) along the way. Wave (3) ended in June 2024 leading to a pullback for wave (4) of ((3)). The chart below shows the daily chart update for TONUSD.
TonCoin (TONUSD) Elliott Wave Analysis – 01.03.2025 Daily Chart Update.
As the chart above shows, wave (4) pullback is evolving as a double zigzag (7-swing) structure. While incomplete yet, the structure could extend to the 3.8778-2.6375 where new buyers could get in again. Within a bullish sequence, best way to buy is to wait for a pullback. On the other hand, selling bounces in a bearish sequence can be profitable. New buyers can find Long entry on TonCoin at 3.8778 while putting stop at 2.6375. Meanwhile, at the blue box, we expect at least a 3-swing bounce if not an impulse recovery for wave (4). A good bullish rection from the blue box will help buyers to take some profit at 50% of wave Y of (4) and then adjust the rest of the position to breakeven.
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