Toncoin On Fire: Crypto Explodes To All-Time High – Can It Hit $10?

Christian Encila

11 months ago

3 mins read

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Telegram-backed Toncoin (TON) has been the talk of the crypto town lately, its price soaring to a record-breaking $8.15 before settling around $7.60. This dramatic rise, coupled with technical indicators flashing both caution and bullish signals, has investors on the edge of their seats, wondering: is this a short-lived party or the beginning of a major ascent?

Cup, Handle Hints At Takeoff, But TDS Warns Of Bumpy Ride

Analysts are divided on TON’s immediate future. Crypto technician Ali Martinez throws a bucket of cold water on the recent euphoria, pointing to a “sell signal” on the TD Sequential indicator. This suggests a potential price correction lasting 1-4 trading sessions.

The TD Sequential presents a sell signal on the #Toncoin four-hour chart, predicting a correction of one to four candlesticks for $TON! pic.twitter.com/Yg4Da5PH8b

— Ali (@ali_charts) June 23, 2024

Fibonacci retracement levels serve as potential safety netts for investors, so those prepared for a dip should find comfort in them. These levels provide TONNE with a gentle landing on the descent; they are located at $7.44, $7.29, and potentially even $7.18.

Nevertheless, Ali’s short-term pessimism is counterbalanced by Alex Clay’s long-term optimistic outlook. Clay, an additional cryptocurrency expert, has observed a bullish “Cup and Handle” pattern forming on the charts. This pattern, which has historically been advantageous to bulls, suggests that the uptrend will persist after a period of consolidation.

The analyst reinforces his optimistic argument by emphasising TON’s recent breach of a substantial resistance zone, which is now expected to serve as a launchpad for further gains.

#TON/USDT Update $TON is consolidating above the broken supply zone👀

More upside is coming📈 https://t.co/ORgEnPEO7t pic.twitter.com/LdwXBg2W6u

— Alex Clay (@cryptclay) June 23, 2024

Toncoin’s Technicals Whisper Of Further Ascent

Clay sets some very ambitious pricing targets in addition to just identifying patterns. With an even more ambitious aim of $11.60, Clay thinks that TON will hit a cool $10.50 based on the measured motion of the Cup and Handle pattern.

TON market cap currently at $17.8 billion. Chart: TradingView.com

Technical indicators present a similar picture when one zooms in on the one-day chart. The price has been challenged several times at $7.65, which is a level of resistance. The next target, if TON can overcome this obstacle, might be a magnificent $8.28. The bullish argument is reinforced by the 100-day EMA (Exponential Moving Average), which is currently at a supportive $6.01 and serves as a safety nett in the event of a correction.

Wild Ride Ahead

The technical indicators and bullish chart patterns point to a high likelihood of TON maintaining its higher trajectory, even though the TD Sequential indicator points to a possible short-term drop.Investors should prepare for what might be a crazy ride; opportunities may arise from short-term falls for those with long-term outlooks and strong stomachs.

Featured image from Asia Crypto Today, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.