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

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

xrp

Forget The Dip! XRP Primed For Epic Rally To $36, Expert Claims

16 hours ago

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.

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.

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.

TON market cap currently at $17.8 billion. Chart: TradingView.com

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

Toncoin Transfer Volume Hits $10 Billion, Social Appeal Soars

1 day ago

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

Comments

Post a Comment

Popular posts from this blog

Ripple Analysts Predict XRP Surge to $0.66 as Volume Skyrockets

Image
With Ripple celebrating a year anniversary of a critical ruling in its ongoing legal battle with the US Securities and Exchange Commission (SEC), analysts predict XRP to surge to $0.66 as the tokens’ volume skyrockets. Moreover, investment interest has also surged, only strengthening the forecasts. XRP has surged above the $0.52 level following a 25% increase over the last seven days, according to CoinMarketCap. Additionally, the crypto has seen transactions increase to as much as $2.55 million, despite reversing to its current $1.6 million level. Still, there is reason to be optimistic for the token’s performance. Source – CryptoTicker Also Read: Ripple: Will XRP Skyrocket to $3.81 By 2030? XRP Could Continue Surging Far Above $0.6 Level, Analyst Says In a post to X (formerly Twitter), crypto analyst Dark Defender predicted that Ripple (XRP) could surge to the $0.66 level as its volume skyrockets. Indeed, the analyst noted that the crypto broke resistance at the $0.46 level. Moreover,
Read more

Cardano: ADA To Pump At $10, Analyst Predicts

Image
Cardano, one of the domain’s notable crypto tokens, is yet to experience the bullish onset of the market that its contemporaries are currently basking in. Moreover, the token has long been trading between $0.40 and $0.47, drawing significant speculation on when its price will skyrocket. The ADA ecosystem is looking forward to the Chang Hard Fork update, which is poised to introduce noteworthy changes in Cardano’s infrastructure and order. With the hard fork timeline drawing in hard and fast, several crypto analysts are also busy predicting new price thresholds for ADA and speculating on Cardano’s future price levels.  Also Read: Analyst Predicts Timeline For Cardano’s ( ADA ) Bullish Price Breakout Chang Hard Fork Could Help ADA Surge To $10 Source: Reddit Cardano’s slow price pace has been a serious topic of contention within the crypto community. With the Chang Hard Fork upgrade in the mix, several analysts are banking on ADA ’s meteoric price rise post-fork deployment,
Read more

Setup for High-Quality Altcoins Looking Increasingly Favorable As Global Liquidity Gears Up for Expansion: Jamie Coutts

Image
Real Vision analyst Jamie Coutts thinks high-quality altcoins could be primed for price surges as global liquidity ramps up. Coutts tells his 18,600 followers on the social media platform X that the market looks close to washed out, global liquidity is about to turn higher and the risk/reward picture looks “increasingly favorable” for high-quality altcoins. “Top 200 Equal Weight vs. market cap weight ratio at extreme bearish levels. Currently, it’s -2.8 standard deviations ~ a bearish extreme that only hit on three previous occasions. • 2021: During a bull market that proved to be an excellent re-up for the cycle. • 2022: prematurely, but close to the cycle lows when the market was 70% down. • 2023: Near the SEC-catalyzed capitulation lows, Alts decisively broke higher four months later. Despite a small sample size, this breadth measure hints at upcoming cyclical bottoms and mid-cycle entries. Current data parallels 2021’s mid-cycle slump, not 2022/23’s end.”
Read more