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Toncoin’s (TON) Dramatic Volatility Signals Market Infaning

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Recovery of the market in the midst of institutional confidence

The cryptocurrency market remains in chaotic territory as Toncoin (TON) shows both significant volatility and noticeable stability.

After developing a head-and-shoulders pattern with a strong resistance to $ 4.15, TON was recovered from recent lows. It is now trading at $ 4.13 with 12.5% weekly gain.

This recovery is in the midst of news that the leading venture capital companies, including Sequoia, Ribbit Capital, and Benchmark, are collectively holds more than $ 400 million in tons, signs of institutional confidence in the blockchain’s future.

Technical assessments

The price action has generated a pattern of head-and-shoulders with a resistance to $ 4.15 and support for $ 3.60.
The support level at $ 3.60 was damaged on April 3 seller.
Volume evaluation shows distribution phases in conjunction with price peaks, suggesting income earnings at the institution.
Fibonacci retracement indicates potential stabilization around the level of 0.618 to $ 3.58.
Cup-and-handle formation appeared during recovery with an initial resistance to $ 3.58.
Strong purchase pressure was observed during 15: 32-15: 34 and 15:58 period.
The price took the Fibonacci level 0.382 to $ 3.59, suggesting a potential continuity towards $ 3.65.

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