Toncoin (TON) Price Analysis: A Bumpy Ride or A Major Ascent on the Horizon?
Telegram-backed Toncoin (TON) has been making waves in the crypto sphere with its price surging to an all-time high of $8.15 before stabilizing around $7.60. This sharp increase has left investors wondering if this bullish trend will continue or if a correction is imminent. Let’s delve into the technical analysis to decipher the future price movements of TON.
π Potential Correction Signals on the Horizon
- Crypto analyst Ali Martinez has highlighted a “sell signal” on the TD Sequential indicator, indicating a possible price correction lasting 1-4 trading sessions.
- The Fibonacci retracement levels at $7.44, $7.29, and $7.18 could act as support levels during a potential dip.
- Despite short-term bearish signals, analyst Alex Clay sees a bullish “Cup and Handle” pattern forming, suggesting a continuation of the uptrend after consolidation.
Alex Clay also points out that TON recently broke through a major resistance zone, now expected to act as a launchpad for further price gains, strengthening the bullish case.
π Technicals Pointing Towards Further Upside
Alex Clay predicts TON to reach $10.50 and possibly $11.60 based on the measured move of the Cup and Handle pattern, showcasing a positive outlook for the cryptocurrency.
On the one-day chart, resistance is seen around $7.65, with a breakthrough possibly propelling TON to $8.28. The 100-day EMA at $6.01 acts as a key support level, reinforcing the bullish scenario even in the event of a correction.
π’ Buckle Up for a Volatile Ride
While short-term corrections may be on the horizon, the overall technical indicators and bullish chart patterns hint at a potential continuation of TON’s upward trajectory. Investors should brace themselves for a rollercoaster ride, with opportunities for both short-term gains and long-term growth.
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