Toncoin (TON) has been gaining significant attention in the cryptocurrency world recently, with its price surging to an all-time high of $8.15 before stabilizing around $7.60. This spike in price, combined with conflicting technical indicators sending mixed signals, has left investors wondering whether this is just a temporary surge or the start of a major upward trend.
Analysts are divided on the immediate future of TON. Crypto technician Ali Martinez has issued a cautionary note, pointing out a “sell signal” on the TD Sequential indicator, which suggests a potential price correction lasting between 1-4 trading sessions. However, investors concerned about a potential dip can take comfort in the Fibonacci retracement levels at $7.44, $7.29, and $7.18, which could act as support levels during a downturn.
In contrast to Ali’s short-term bearish outlook, another crypto analyst named Alex Clay has a more bullish long-term perspective. Clay believes that a bullish “Cup and Handle” pattern is forming on the charts, indicating a potential continuation of the uptrend after a consolidation phase. Additionally, he points to TON’s recent breakthrough of a major resistance zone as a positive sign for future gains.
Clay goes a step further by setting ambitious price targets for TON, predicting that it could reach $10.50 based on the measured move of the Cup and Handle pattern, with a more aggressive target of $11.60. Technical indicators on the one-day chart also support a bullish outlook, with resistance at $7.65 and a potential target of $8.28 if TON can surpass this hurdle. The 100-day EMA at $6.01 further reinforces the bullish case by acting as a safety net in case of a correction.
Despite the short-term bearish signal from the TD Sequential indicator, the overall technical indicators and bullish chart patterns suggest a strong possibility of TON continuing its upward trend. Investors should be prepared for a potentially volatile ride, with short-term dips presenting opportunities for those with a long-term perspective and strong risk tolerance. As TON continues to attract attention in the crypto markets, it remains to be seen whether it will maintain its momentum and reach new highs in the coming days.