- Toncoin (TON) has been identified for a potential breakout by crypto analyst Ali Martinez.
- Martinez’s detailed chart reviews suggest a 40% price increase, targeting $11.
- His analysis is based on classical chart patterns and Fibonacci retracement levels.
Ali Martinez projects an ambitious 40% breakout for Toncoin, setting a target price of $11 based on robust technical analysis.
Toncoin Approaches a Significant Breakout Milestone
According to Martinez’s analysis, presented on X, Toncoin is showing a promising ascending triangle pattern on a 12-hour chart of TON/USDT. This pattern, often seen as a bullish indicator, forms when there’s a flat upper resistance line and a rising lower trendline, suggesting increasing demand and imminent price surge.
Examining Key Technical Indicators
The ascending triangle pattern visible on the 12-hour chart points to a resistance level at approximately $7.54 and higher lows forming sequentially. This convergence typically signals a possible breakout, with the price potentially expanding by the widest span of the triangle, an anticipated increase that could project TON’s price towards $11.
Fibonacci Retracement Levels and Price Dynamics
On a separate 4-hour chart of TON’s performance against Tether (USDT) on Binance, Martinez incorporates Fibonacci retracement levels for more granular support and resistance insights. These levels draw from recent highs and lows, outlining critical thresholds at $7.44, $7.30, $7.1912, and $6.9220, respectively.
The Role of TD Sequential Indicator
Martinez also employs the TD Sequential indicator, a sophisticated tool used to forecast price reversals, to predict a possible short-term pullback. This indicator aligns with the 23.6% Fibonacci level at $7.2, suggesting a potential dip before a bullish leap. This interim dip could serve as a strategic entry point for investors, minimizing risk before the anticipated price breakout.
Strategic Entry Points and Market Sentiment
Understanding the $7.2 level as a strategic entry point is crucial for traders. This price not only correlates with Fibonacci retracement levels but also acts as a psychological support zone, where the market might pause to consolidate before gaining momentum for the next significant upward movement.
Conclusion
Martinez’s technical analysis presents a compelling case for Toncoin’s bullish trajectory, targeting a breakout towards $11. Investors should consider the current $7.2 support level as a key entry point for potentially maximizing their returns with minimized risk. At the time of writing, Toncoin is priced at $7.59, hovering just below its anticipated resistance level, suggesting that a breakout could be imminent.
