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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Toncoin (TON) Set For 40% Breakout: Buy At This Price, Says Crypto Analyst

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Toncoin TON Price

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In a technical analysis, crypto analyst Ali Martinez has identified a potential 40% breakout for Toncoin (TON), targeting an ambitious price point of $11. Martinez’s analysis, delivered through detailed chart reviews published on X, provides a robust 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 analysis as a bullish signal, particularly when it forms during an uptrend as is evident with TON.

An ascending triangle is characterized by a flat upper resistance line—here, at approximately $7.54—and a rising lower trendline that sequentially creates higher lows. The convergence of these lines indicates dwindling supply and increasing demand, suggesting that a breakout is likely as the price compresses.

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The target price of $11, which implies a 40% increase from the triangle’s resistance line, is derived using the measured move method. This method calculates the breakout target by adding the widest point of the triangle to the breakout point. In TON’s case, the widest part of the triangle spans approximately $3.07 (40.03%), projecting from the breakout resistance could ideally set the price near $11.

Martinez extends his analysis 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—an advanced tool used to predict price reversals—points to a potential 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 significant 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 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,” 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 also 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.

Toncoin TON price
TON price is on the verge of a new all-time high, 4-hour chart | Source: TONUSDT on TradingView.com
Featured image from Pintu, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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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.

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