Toncoin (TON) has recently attracted attention in the crypto market due to its dramatic price movements. After reaching an all-time high of $8.2, TON currently trades at $7.62 as of June 23, 2024. This marks a significant 6.4% increase in the last 24 hours, bringing its market cap to $18.97 billion, a 7.29% rise over the same period.
Crypto analyst Ali has provided insights into TON’s potential future movements using the TD Sequential indicator, known for identifying trend exhaustion points. Ali has identified a sell signal on the four-hour chart, marked by a green “9” candlestick. This signal suggests that the recent uptrend might face a short-term correction, possibly lasting between one to four candlesticks.
The chart reveals critical Fibonacci retracement levels that traders should watch during this potential correction. Toncoin is currently around the 1.0 Fibonacci level at $7.65, a critical resistance. If the price retraces, it might find support at the 0.786 level ($7.44), the 0.618 level ($7.29), and potentially lower at the 0.5 level ($7.18).
Bullish Long-Term Outlook for Toncoin
Following Ali’s short-term outlook, crypto analyst Alex Clay provides a more comprehensive, long-term bullish perspective for Toncoin. Clay points out the Cup and Handle pattern on the chart. This well-known bullish continuation pattern indicates a strong potential for further upward movement, signaling the end of a consolidation phase and the resumption of an upward trend.
The chart also shows a significant breakthrough of the Supply Zone, a critical resistance area that TON has recently surpassed. This zone is now expected to serve as a support level, indicating consolidation and preparation for the next upward move. The price has respected major Fibonacci levels, reflecting strong underlying support and resistance areas.
Clay projects potential target levels for TON, with the first target at $10.50 and a more ambitious target at $11.60. These targets are derived from the measured movement of the Cup and Handle pattern, suggesting significant upside potential. The consolidation phase above the broken supply zone is considered a healthy correction, providing a solid foundation for further gains.
Analyzing the one-day chart for TON/USDT, TON faces resistance around $7.65, a level tested multiple times. Surpassing this resistance could propel the price to the next significant level at $8.28. The 100-day Exponential Moving Average (EMA) at $6.01 supports the bullish trend, acting as dynamic support if the price retraces.
Immediate support for TON is around $6.78, a historically strong level. If the price does not maintain this level, the next significant support is located at $6.28. The Relative Strength Index (RSI) at 57.86 indicates buying pressure, with room for further upward movement before becoming overbought.
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