Toncoin (TON) Set For 40% Breakout: Buy At This Price, Says Crypto Analyst
June 13 2024 - 7:30AM
NEWSBTC
In a technical analysis, crypto analyst Ali Martinez has identified
a potential 40% breakout for Toncoin (TON), targeting an ambitious
price point of $11. Martinez’s analysis, delivered through detailed
chart reviews published on X, provides a robust case for TON’s
impending price movement, underpinned by classical chart patterns
and Fibonacci retracement levels. Toncoin Is on The Verge Of A
Major Breakout Martinez’s first chart showcases TON/USDT plotted on
a 12-hour timeframe, demonstrating a classic ascending triangle
pattern. This pattern is recognized in technical analysis as a
bullish signal, particularly when it forms during an uptrend as is
evident with TON. An ascending triangle is characterized by a flat
upper resistance line—here, at approximately $7.54—and a rising
lower trendline that sequentially creates higher lows. The
convergence of these lines indicates dwindling supply and
increasing demand, suggesting that a breakout is likely as the
price compresses. Related Reading: Toncoin (TON) Flips Ethereum In
Daily Active Users, Fueling $10 Price Target Predictions The target
price of $11, which implies a 40% increase from the triangle’s
resistance line, is derived using the measured move method. This
method calculates the breakout target by adding the widest point of
the triangle to the breakout point. In TON’s case, the widest part
of the triangle spans approximately $3.07 (40.03%), projecting from
the breakout resistance could ideally set the price near $11.
Martinez extends his analysis on a separate 4-hour chart of TON’s
performance in a Tether (USDT) perpetual contract on Binance. This
chart employs Fibonacci retracement levels to further refine the
support and resistance thresholds. The Fibonacci levels, drawn from
recent highs and lows, reveal crucial supports at $7.44 (23.6%
retracement), $7.30 (38.2% retracement), $7.1912 (50% retracement)
and $6.9220 (78.6% retracement). Related Reading: Toncoin (TON)
Faces Price Fatigue, Possible Drawdown Ahead – Analyst Compounding
the technical narrative, the TD Sequential indicator—an advanced
tool used to predict price reversals—points to a potential
short-term pullback. Martinez notes this indicator suggests that
TON might dip to around $7.2, aligning with the 23.6% Fibonacci
level, before making the significant bullish leap. This dip is
interpreted as a strategic entry point for investors, providing a
lower risk buying opportunity before the anticipated breakout.
“Toncoin is gearing up for a potential 40% breakout, aiming for
$11! However, the TD Sequential indicator suggests TON might
briefly dip to $7.2 to gather liquidity before the upswing,”
Martinez noted via X. For traders and investors, understanding the
strategic significance of the $7.2 entry point is crucial. This
level not only represents mid-point of the retracement but also
serves as a psychological support zone, where the market might
consolidate gains before accumulating enough momentum for the
potential breakout. At press time, Toncoin traded $7.59. Featured
image from Pintu, chart from TradingView.com
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