Toncoin (TON) Skyrockets To $8.2 All-Time High, Eyes $10.50 Target Amidst Bullish Signals

Toncoin (TON) has been making waves in the cryptocurrency market recently due to its dramatic price movements. After reaching an all-time high of $8.2, TON is trading at $7.62 as of June 23, 2024. This represents a significant increase of 6.4% in the past 24 hours, bringing its market cap to $18.97 billion, an increase of 7.29% over the same period.

Ali, a crypto analyst, offered We use the TD Sequential indicator, known for identifying trend exhaustion points, to gain insight into TON’s potential future movement. Ali identified a sell signal on the 4-hours chart, marked by a green “9” candlestick. The signal suggests that the recent uptrend may face a short-term correction, possibly lasting for one to four candlesticks.

This chart shows key Fib retracement levels that traders should watch out for during this potential correction. TONCOIN is currently near the 1.0 Fib level at $7.65, which is key resistance. If the price retraces, it could find support at the 0.786 level ($7.44), the 0.618 level ($7.29) and potentially a further drop at the 0.5 level ($7.18).

TonCoin’s long-term outlook is bullish

In response to Ali’s short-term outlook, crypto analyst Alex Kray said: provide A more comprehensive, long-term bullish outlook for TONCOIN. Clay points out the cup and handle pattern on the chart. This well-known bullish continuation pattern indicates that further upside is likely, suggesting the end of the consolidation phase and the resumption of the uptrend.

The chart also shows a significant breakout of the supply zone, a key resistance area that TON recently breached. This zone is now expected to act as a support level, signaling consolidation and preparation for the next upswing. Price is respecting key Fibonacci levels, reflecting strong underlying support and resistance areas.

Clay predicts potential target levels for TON, with an initial target of $10.50 and a more ambitious target of $11.60. These targets are derived from the measured movement of a cup-and-handle pattern, suggesting the potential for a significant upside. A consolidation phase above a broken supply zone is considered a healthy correction, providing a solid foundation for further upside.

Analyzing the daily chart of TON/USDT, TON is facing resistance near $7.65, a level which has been tested multiple times. A breakout of this resistance could see the price rise to the next significant level at $8.28. The 100-day exponential moving average (EMA) at $6.01 is supporting the bullish trend and will act as dynamic support in case the price reverses.

TON’s immediate support is around $6.78, a historically strong level. If the price fails to sustain this level, the next key support is at $6.28. The Relative Strength Index (RSI) is at 57.86, indicating buying pressure and room for further upside before becoming overbought.

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