The digital currency landscape appears poised for excitement as it teeters on the edge of a significant breakthrough. The iconic virtual currency, Toncoin (TON), after thorough examination by the esteemed crypto analyst, Ali Martinez, is projected for a dynamic breakout of up to 40%, with its eyes firmly fixed on the remarkable $11 price point.
Martinez’s precise study and evaluation hinge on an array of chart reviews, illuminating a compelling case for TON’s impending upward price movement. This conclusion is securely anchored in comprehensive classical chart patterns, punctuated with the precision of Fibonacci retracement levels.
Toncoin’s journey to a potential financial eruption finds its first piece of evidence on Martinez’s initial chart, which features an immersive TON/USDT relationship set to the backdrop of a 12-hour timeframe. This configuration artistically portrays a classical ascending triangle pattern, an esteemed prediction tool within the technical analysis community. This pattern frequently forecasts bullish movements especially when observed during an uptrend, as currently displayed by TON.
This ascending triangle, delineated by a steady upper resistance line at around $7.54, is complemented by an ascending lower trendline, which meticulously crafts higher lows. These intersecting lines epitomize a dwindling supply amidst mounting demand, prognosticating a promising breakout trajectory as the price consolidates.
The prime target of $11, demonstrating a potentially awe-inspiring 40% climb from the triangle’s resistance line, is birthed from a well-known calculation known as the measured move method. In the exciting world of cryptocurrency, this technique predicts the breakout target by summing the largest gap in the triangle with the breakout point. For TON, the vastest spread of the triangle approximates to $3.07, a substantial 40.03%. From these calculations, the breakout resistance appears to ideally position the TON price near $11.
Martinez’s keen eye broadens his analysis, revolving his focus towards a distinct 4-hour chart of TON’s performance in a Tether (USDT) perpetual contract on Binance. This chart, cleverly crafted using Fibonacci retracement levels, provides even more clarity on defining the critical support and resistance points. The key supports at $7.44 (23.6% retracement), $7.30 (38.2% retracement), $7.1912 (50% retracement) and $6.9220 (78.6% retracement) emerge prominently, drawn from recent highs and lows.
Enhancing the narrative is the TD Sequential indicator – an innovative tool to aid price reversal predictions, which hints at a potential short-term pullback. Martinez discerns this indicator’s subtle suggestion that the TON might temporarily descend to the $7.2 mark, in tandem with the 23.6% Fibonacci level, prior to its bullish ascension. This dip not only offers a lower risk buying opportunity but also serves as a tactical entry point for investors eagerly awaiting the anticipated breakout.
For traders and investors alike, comprehending the strategic relevance of the $7.2 entry point is integral. This level not only serves as the retracement’s midpoint but is also a key psychological threshold and potential support zone, wherein the market may consolidate gains ahead of the potential breakout. As of press time, Toncoin notably traded at $7.59, on the precipice of carving its name on a new all-time high.
In essence, the exciting world of virtual currency traders continues to watch with bated breath as Martinez’s finely tuned prediction tools anticipate an eminent bullish breakthrough for Toncoin.
