Toncoin On Fire: Crypto Explodes To All-Time High – Can It Hit $10?

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As an experienced analyst, I’ve seen my fair share of market volatility in the crypto space. The recent surge in Toncoin (TON) has certainly piqued my interest, with its meteoric rise to a record-high price of $8.15 before settling around $7.60. This rollercoaster ride has left many investors on the edge of their seats, wondering if this is just a short-lived party or the beginning of something much bigger.

Recently, Toncoin (TON), which is supported by Telegram, has been generating significant buzz in the crypto community. The digital currency experienced a remarkable surge in value, reaching an unprecedented high of $8.15. Currently, its price hovers around $7.60. With this sudden increase and conflicting signals from technical indicators, investors are left pondering: is this just a fleeting price boom or the start of a substantial upward trend?

Cup, Handle Hints At Takeoff, But TDS Warns Of Bumpy Ride

Experts have differing views regarding TON‘s near-term prospects. Technician Ali Martinez counters the current enthusiasm by flagging a “sell signal” on the TD Sequential indicator, implying a possible price decrease that could last between one to four trading sessions.

Based on the analysis of the TD Sequential indicator, there is a sell signal indicated on the Toncoin four-hour chart. This signal suggests that a price correction of approximately 1 to 4 candlesticks is likely for the $TON cryptocurrency.
— Ali (@ali_charts) June 23, 2024

For investors bracing themselves for a potential price drop, take comfort in the fact that Fibonacci retracement levels could serve as probable support points for TON. These levels are located at $7.44, $7.29, and potentially $7.18, providing a cushion during market downturns.

Toncoin On Fire: Crypto Explodes To All-Time High – Can It Hit $10?

Despite Ali’s temporary bearish view, Alex Clay holds a bullish stance for the long term. As another cryptocurrency analyst, Clay identifies a “Cup and Handle” pattern emerging in the market charts. This pattern, traditionally favorable to bulls, indicates a resumption of the uptrend following a period of consolidation.

The analyst reinforces his bullish perspective by highlighting TON‘s recent surpassing of a significant resistance level. This milestone is now anticipated to function as a launchpad for additional growth.

#TON/USDT Update $TON is consolidating above the broken supply zone
More upside is coming
— Alex Clay (@cryptclay) June 23, 2024

Toncoin’s Technicals Whisper Of Further Ascent

Clay goes beyond identifying simple patterns; he sets precise price predictions. According to the measured move of the Cup and Handle formation, Clay anticipates TON reaching $10.50, and aims higher with a bold forecast of $11.60.

Toncoin On Fire: Crypto Explodes To All-Time High – Can It Hit $10?

Looking closely at the one-day chart, technical signals present a consistent image. The price encounters resistance near $7.65, a level it has attempted to break several times. Should TON succeed in overcoming this barrier, the potential reward lies at an enticing $8.28. Furthermore, the 100-day EMA, currently stationed at a reassuring $6.01, adds credence to the bullish perspective, serving as a cushion in case of a pullback.

Wild Ride Ahead

The TD Sequential indicator implies that TON may experience a brief reversal, but the technical indicators and bullish chart formations indicate a robust probability of the token continuing its upward trend. Investors should prepare for a potentially volatile journey, as temporary declines provide buying chances for those with a sturdy constitution and a long-term perspective.

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2024-06-24 11:50