Toncoin On Fire: Crypto Explodes To All-Time High – Can It Hit $10?
24 Juni 2024 - 9:30AM
NEWSBTC
Telegram-backed Toncoin (TON) has been the talk of the crypto town
lately, its price soaring to a record-breaking $8.15 before
settling around $7.60. This dramatic rise, coupled with technical
indicators flashing both caution and bullish signals, has investors
on the edge of their seats, wondering: is this a short-lived party
or the beginning of a major ascent? Related Reading: Forget The
Dip! XRP Primed For Epic Rally To $36, Expert Claims Cup, Handle
Hints At Takeoff, But TDS Warns Of Bumpy Ride Analysts are divided
on TON’s immediate future. Crypto technician Ali Martinez throws a
bucket of cold water on the recent euphoria, pointing to a “sell
signal” on the TD Sequential indicator. This suggests a potential
price correction lasting 1-4 trading sessions. The TD Sequential
presents a sell signal on the #Toncoin four-hour chart, predicting
a correction of one to four candlesticks for $TON!
pic.twitter.com/Yg4Da5PH8b — Ali (@ali_charts) June 23, 2024
Investors bracing for a dip should find solace in the Fibonacci
retracement levels acting as potential support nets. These levels
sit at $7.44, $7.29, and possibly even $7.18, offering TON a soft
landing during the descent. However, Ali’s short-term bearishness
is countered by Alex Clay’s long-term bullish perspective. Clay,
another crypto analyst, sees a bullish “Cup and Handle” pattern
brewing on the charts. This pattern, historically a friend of
bulls, suggests a continuation of the uptrend after a consolidation
phase. The analyst further strengthens his bullish case by pointing
to TON’s recent breakthrough of a major resistance zone, which is
now expected to act as a springboard for further gains. #TON/USDT
Update $TON is consolidating above the broken supply zone👀 More
upside is coming📈 https://t.co/ORgEnPEO7t
pic.twitter.com/LdwXBg2W6u — Alex Clay (@cryptclay) June 23, 2024
Toncoin’s Technicals Whisper Of Further Ascent Clay doesn’t stop at
mere pattern recognition; he throws down some serious price
targets. Based on the measured move of the Cup and Handle pattern,
Clay predicts TON reaching a cool $10.50, with an even more
ambitious target of $11.60. Zooming into the one-day chart,
technical indicators paint a similar picture. The price faces
resistance around $7.65, a level it’s tested multiple times. If TON
can muscle through this hurdle, the next stop could be a glorious
$8.28. The 100-day EMA (Exponential Moving Average) at a supportive
$6.01 further strengthens the bullish case, acting as a safety net
if a correction does occur. Related Reading: Toncoin Transfer
Volume Hits $10 Billion, Social Appeal Soars Wild Ride Ahead While
the TD Sequential indicator suggests a potential short-term
correction, the technical indicators and bullish chart patterns
hint at a strong possibility of TON continuing its upward
trajectory. Investors should buckle up for a potentially wild
ride, with short-term dips offering opportunities for those with
strong stomachs and long-term vision. Featured image from Asia
Crypto Today, chart from TradingView
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