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Our analysis of the situation
If there’s one thing that gets investors' hearts racing, it's the prospect of a major breakout in the crypto market. And crypto analyst Ali Martinez has just served up some tantalizing insights on the potential for Toncoin (TON) to make a dramatic move, setting its sights on a heady price point of $11.
Martinez’s analysis, delivered in meticulous detail on the charts published on X, lays out a compelling case for TON’s imminent price action. His findings ride on the waves of classical chart patterns and Fibonacci retracement levels, offering a glimpse into the crypto crystal ball.
In the first chart, Martinez unfurls TON/USDT on a 12-hour timeframe, wherein he showcases a classic ascending triangle pattern. This pattern is a beacon of hope for bullish signals, especially when it perches atop an uptrend, as it does with TON.
The ascending triangle’s flat upper resistance line near $7.54 and the rising lower trendline speak volumes about dwindling supply and heightened demand, painting a picture of an imminent breakout as the price tightens its embrace.
The target hit of $11, eyeing a bullish 40% increase from the triangle’s resistance line, is deduced using the measured move method. For TON, spanning approximately $3.07, this breakout projection could potentially launch the price into the stratosphere.
Martinez doesn't stop there; he delves into a separate 4-hour chart of TON’s performance in a Tether (USDT) perpetual contract on Binance. Here, Fibonacci retracement levels take the spotlight, delineating vital supports and resistances that could map TON’s course.
And add to the plotline the TD Sequential indicator, a nifty tool for predicting price reversals. This little fellow whispers a potential short-term pullback, hinting that TON might dip to around $7.2 before making its grand bullish leap.
While Martinez sounds the alarm on a possible momentary dip, he also notes that this could serve as a golden opportunity for shrewd investors – a chance to buy in at lower risk before the anticipated surge.
In Martinez's own words, “Toncoin is gearing up for a potential 40% breakout, aiming for $11! However, the TD Sequential indicator suggests TON might briefly dip to $7.2 to gather liquidity before the upswing.”
A heads-up for traders and investors: understanding the strategic significance of the $7.2 entry point is crucial. This level is more than just a number; it’s both a mid-point of the retracement and a psychological support cake that the market could munch on before it musters up enough juice for the big breakout.
Buckle up, folks. As of press time, Toncoin is taking a little jaunt at $7.59. But with all the ingredients now simmering in the pot, $11 might not feel too far-fetched.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash or other free sources. They are illustrative and may not represent the content truly.
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