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

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

Time Stamp: June 24, 2024 3:30 AM

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?

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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.

Toncoin On Fire: Crypto Explodes To All-Time High - Can It Hit $10? PlatoBlockchain Data Intelligence. Vertical Search. Ai.

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.

Toncoin On Fire: Crypto Explodes To All-Time High - Can It Hit $10? PlatoBlockchain Data Intelligence. Vertical Search. Ai.
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.

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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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