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

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	413,674,910,625	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

413,674,910,625

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	74.46	2.21%	3,444.00	3,443.97	3,444.01

Price Change

Price Change %

Current Price

Bid Price

Offer

74.46

2.21%

3,444.00

3,443.97

3,444.01

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,474.12	3,359.23	3,367.41	3,369.54	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,474.12

3,359.23

3,367.41

3,369.54

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:55:50	0.454094	3,444.00	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:55:50

0.454094

3,444.00

USD

Price x Volume	Volume	Base Symbol	Related Pairs
401,929,786.95	117,331.68	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

401,929,786.95

117,331.68

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

13/06/2024 12:30pm

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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