Date: Mon, May 12, 2025 | 11:10 AM GMT
The cryptocurrency market continues to build on its recent strength, with Bitcoin (BTC) and Ethereum (ETH) leading the charge. BTC has crossed the $104,000 mark, while ETH has surged more than 60% over the past 30 days, now trading just above $2,500 — its highest level in several months. This broader bullish momentum is also spilling over into altcoins, including Toncoin (TON).
TON is currently showing impressive monthly gains of over 20%, with its price hovering around $3.51. More importantly, a well-known harmonic pattern forming on its chart suggests that further upside may be on the horizon.
Harmonic Pattern Signals More Upside
On the daily timeframe, TON is forming a Bearish Crab harmonic pattern — a technical setup that helps identify high-probability reversal zones when the final leg, known as CD, completes. Until that point, however, the price typically trends higher with strong momentum.
The pattern began after TON was rejected at around $4.20 on April 1, which marks point X. From there, the price declined nearly 33%, finding a local bottom at approximately $2.78 on April 12, designated as point A.
The next move, AB, retraced about 42.8% of the XA leg, confirming the early stages of the pattern. This was followed by a 74.2% retracement during the BC leg, where the price found firm support near $2.93. This zone acted as a catalyst for renewed buying interest, initiating the upward push that forms the CD leg.
The final projected point, D, sits near $5.08. This level corresponds with the 1.618 Fibonacci extension of the XA leg, a key target in Bearish Crab patterns and one that often serves as both a price magnet and resistance level.
What’s Next for TON?
If the harmonic structure continues to unfold as expected, TON could rally toward the $5.08 area. This would represent a potential gain of approximately 44% from the current price around $3.51.
The price is currently supported by the 0.382 Fibonacci retracement level at $3.33, which is reinforcing bullish momentum. Additionally, the $3.90 area — aligned with the 0.786 retracement of the XA move — may serve as an interim resistance level before the price tests the final D point.
Traders should keep a close eye on the $5.08 region. While it represents the potential completion of the harmonic pattern, it could also introduce selling pressure or a pause in the rally. Harmonic targets like this often coincide with profit-taking zones, particularly if the broader market shows signs of slowing.
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