In a technical evaluation, crypto analyst Ali Martinez has identified a possible 40% breakout for Toncoin (TON), targeting an ambitious price point of $11. Martinez’s evaluation, delivered through detailed chart reviews published on X, provides a sturdy 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 evaluation as a bullish signal, particularly when it forms during an uptrend as is obvious with TON.
An ascending triangle is characterised by a flat upper resistance line—here, at roughly $7.54—and a rising lower trendline that sequentially creates higher lows. The convergence of those lines indicates dwindling supply and increasing demand, suggesting that a breakout is probably going as the value compresses.
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The goal price of $11, which suggests a 40% increase from the triangle’s resistance line, is derived using the measured move method. This method calculates the breakout goal by adding the widest point of the triangle to the breakout point. In TON’s case, the widest a part of the triangle spans roughly $3.07 (40.03%), projecting from the breakout resistance could ideally set the value near $11.
Martinez extends his evaluation 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).
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Compounding the technical narrative, the TD Sequential indicator—a complicated tool used to predict price reversals—points to a possible 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 numerous 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 possible 40% breakout, aiming for $11! Nevertheless, the TD Sequential indicator suggests TON might briefly dip to $7.2 to collect 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 additionally 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.
TON price is on the verge of a recent all-time high, 4-hour chart | Source: TONUSDT on TradingView.com
Featured image from Pintu, chart from TradingView.com