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TON/USDT briefly rallied above the neckline on March 27, with a strong 3.78% daily gain, closing at $3.817. Notably, the breakout coincided with a rise in daily volume and a bullish crossover of the 50-day exponential moving average (EMA), further strengthening the bullish case.
According to the pattern’s technical setup, the upside target is calculated by measuring the distance from the neckline to the bottom of the head and adding it to the breakout point. The projected target is around $6.16, up by over 60% when measured from the current prices.
Adding to the bullish momentum, the Relative Strength Index (RSI) has surged to 61.91, moving above the 50-neutral level and toward growing buying pressure. The RSI also appears to have broken a descending trendline, another signal of a potential trend reversal.
However, traders should remain cautious of potential pullbacks toward the neckline for a retest, which could validate the breakout before a continuation higher.
Immediate resistance lies near the 200-day EMA at $4.68. A decisive move above that level could open the door for a rally toward the $6.16 measured target.
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