Toncoin (TON) Set For 40% Breakout: Buy At This Price, Says Crypto Analyst

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As a seasoned crypto investor with a keen interest in technical analysis, I find Martinez’s assessment of Toncoin (TON) particularly compelling. His identification of an ascending triangle pattern and the subsequent 40% breakout target price of $11 is not only theoretically sound but also backed by solid chart patterns and Fibonacci retracement levels.

As a crypto investor, I’ve come across an intriguing technical analysis by crypto expert Ali Martinez. He’s identified a possible 40% surge for Toncoin (TON), with a target price of $11. Martinez shares his insights through in-depth chart reviews on X. His analysis is compelling, backed by traditional chart patterns and Fibonacci retracement levels, suggesting that TON is primed for an impressive price shift.

Toncoin Is on The Verge Of A Major Breakout

Martinez’s initial chart illustrates the relationship between TON and USDT on a 12-hour scale, highlighting a textbook ascending triangle pattern. This technical indicator signifies a bullish outlook, especially when it emerges during an uptrend, as is the case with TON.

A triangle pattern forming on the chart, called an ascending triangle, is identified by a horizontal resistance level around $7.54 and a gradually rising support line resulting in successively higher bottoms. The merging of these lines implies decreasing supply and escalating demand, potentially leading to a breakout as the price becomes compressed.

One way to rephrase this in clear and natural language: The estimated price target of $11, representing a 40% rise above the triangle’s resistance line, is calculated using the measured move method. This approach determines the objective price by adding the greatest distance between the triangle’s points to the point where it breaks out. For TON, the widest part of the triangle measures around $3.07 (or 40.03%), so the breakout resistance could potentially lead the price to reach roughly $11.

Martinez explores the price action of TON in a 4-hour chart on Binance‘s USDT perpetual contract using Fibonacci retracement levels for enhanced accuracy in identifying key support and resistance zones. These levels, derived from recent peaks and troughs, highlight significant supports at $7.44 (23.6%), $7.30 (38.2%), $7.1912 (50%), and $6.9220 (78.6%).

As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development in the price trend of TON. The TD Sequential indicator, which is known for its ability to predict price reversals, indicates a possible short-term pullback. According to my analysis, this dip might take TON down to around $7.2, which aligns with the 23.6% Fibonacci level. This minor setback could be seen as an opportune moment for investors looking to enter the market at a lower risk point before the projected bullish surge.

As an analyst, I’ve observed that Toncoin is showing signs of a significant price increase, potentially reaching $11 and gaining 40% in value. However, based on the TD Sequential indicator, it’s possible that TON may experience a brief dip to around $7.2 first. This downward movement could serve to attract more buyers and boost liquidity before the anticipated upward trend continues.

Comprehending the importance of the $7.2 mark for traders and investors is essential. This price point signifies the middle ground of the correction, acting not only as a pivotal technical level but also functioning as a psychologically significant support area. The market may pause and consolidate here before gathering sufficient strength to trigger a potential breakout.

At press time, Toncoin traded $7.59.

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2024-06-13 14:46