A lot of people are interested in Toncoin (TON), the cryptocurrency that Telegram accepts, right now because its price went through the roof and hit an all-time high of $8.15 before leveling off around $7.60. With this huge rise and a mix of cautious and hopeful technical indicators, investors are eager to guess whether this is the start of a long-term trend of going up or just a short-term bounce.
No one agrees on what Toncoin short-term chances are. Crypto analyst Ali Martinez points out a “sell signal” on the TD Sequential indicator, which means that the price might go down over the next one to four trading sessions. If investors think the price will go down, the Fibonacci retracement levels might help. They offer possible support at $7.44, $7.29, and maybe even $7.18, which will act as a cushion during any drop.
Toncoin Targets $11.60 Price
Martinez is cautious about the short term, but expert Alex Clay is optimistic about the long term. Clay sees a “Cup and Handle” pattern on the charts, which in the past has meant that prices would keep going up after a period of stabilization. He also talks about how TON recently broke through significant undertaking resistance zone, which should now set the stage for more gains.
Clay is so sure of himself that he sets very high goals for prices. He wants TON to reach $11.60 and thinks it could reach $10.50 based on the Cup and Handle pattern. A one-day figure that shows resistance around $7.65 also backs up this point of view. If TON can get past this level, $8.28 could be its next goal. The 100-day Exponential Moving Average (EMA) at $6.01 is also a strong support level. If there is a pullback, this makes the case for going up even stronger.
The TD Sequential indicator let traders know that the price might go down in the short term, but overall technical indicators and positive chart patterns show that TON will continue to rise. Investors need to be ready for a rough ride. People who are driven and look at the big picture may find that short-term drops are good times.
