Whisper

Based

2024

Toncoin

Wild Ride

Telegram-backed <a href="https://www.coingecko.com/en/coins/toncoin" target="_blank" rel="noopener nofollow">Toncoin (TON)</a> has been the talk of the crypto town lately, its price soaring to a record-breaking $8.15 before settling around $7.60. This dramatic rise, coupled with technical indicators flashing both caution and bullish signals, has investors on the edge of their seats, wondering: is this a short-lived party or the beginning of a major ascent? 
<h2 data-sourcepos="5:1-5:74" id="strong-cup-handle-hints-at-takeoff-but-tds-warns-of-bumpy-ride-strong">Cup, Handle Hints At Takeoff, But TDS Warns Of Bumpy Ride</h2> 
Analysts are divided on TON’s immediate future. Crypto technician Ali Martinez throws a bucket of cold water on the recent euphoria, pointing to a “sell signal” on the TD Sequential indicator. This suggests a potential price correction lasting 1-4 trading sessions. 
<blockquote class="twitter-tweet"> 
 The TD Sequential presents a sell signal on the <a href="https://twitter.com/hashtag/Toncoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Toncoin</a> four-hour chart, predicting a correction of one to four candlesticks for <a href="https://twitter.com/search?q=%24TON&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$TON</a>! <a href="https://t.co/Yg4Da5PH8b" rel="nofollow">pic.twitter.com/Yg4Da5PH8b</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1804819155918451165?ref_src=twsrc%5Etfw" rel="nofollow">June 23, 2024</a>
</blockquote> 
Investors bracing for a dip should find solace in the Fibonacci retracement levels acting as potential support nets. These levels sit at $7.44, $7.29, and possibly even $7.18, offering TON a soft landing during the descent. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-626068" src="https://www.newsbtc.com/wp-content/uploads/2024/06/A_54d60a.png?resize=1024%2C698" alt="" width="1024" height="698" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/A_54d60a.png?resize=1024%2C698?w=1274 1274w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_54d60a.png?resize=1024%2C698?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_54d60a.png?resize=1024%2C698?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_54d60a.png?resize=1024%2C698?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_54d60a.png?resize=1024%2C698?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_54d60a.png?resize=1024%2C698?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
However, Ali’s short-term bearishness is countered by Alex Clay’s long-term bullish perspective. Clay, another crypto analyst, sees a bullish “Cup and Handle” pattern brewing on the charts. This pattern, historically a friend of bulls, suggests a continuation of the uptrend after a consolidation phase. 
The analyst further strengthens his bullish case by pointing to TON’s recent breakthrough of a major resistance zone, which is now expected to act as a springboard for further gains. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/TON?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#TON</a>/USDT Update <a href="https://twitter.com/search?q=%24TON&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$TON</a> is consolidating above the broken supply zone<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 More upside is coming<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/ORgEnPEO7t" rel="nofollow">https://t.co/ORgEnPEO7t</a> <a href="https://t.co/LdwXBg2W6u" rel="nofollow">pic.twitter.com/LdwXBg2W6u</a> 
 — Alex Clay (@cryptclay) <a href="https://twitter.com/cryptclay/status/1804811498029556174?ref_src=twsrc%5Etfw" rel="nofollow">June 23, 2024</a>
</blockquote> 
<h2 data-sourcepos="11:1-11:51" id="strong-toncoin-s-technicals-whisper-of-further-ascent-strong">Toncoin’s Technicals Whisper Of Further Ascent</h2> 
Clay doesn’t stop at mere pattern recognition; he throws down some serious price targets. Based on the measured move of the Cup and Handle pattern, Clay predicts TON reaching a cool $10.50, with an even more ambitious target of $11.60. 
<img loading="lazy" decoding="async" src="https://www.tradingview.com/x/b3sIXrn0/" alt="" width="2475" height="1163"> 
Zooming into the one-day chart, technical indicators paint a similar picture. The price faces resistance around $7.65, a level it’s tested multiple times. If TON can muscle through this hurdle, the next stop could be a glorious $8.28. The 100-day EMA (Exponential Moving Average) at a supportive $6.01 further strengthens the bullish case, acting as a safety net if a correction does occur. Wild Ride Ahead 
While the TD Sequential indicator suggests a potential short-term correction, the technical indicators and bullish chart patterns hint at a strong possibility of TON continuing its upward trajectory.&nbsp;Investors should buckle up for a potentially wild ride, with short-term dips offering opportunities for those with strong stomachs and long-term vision. 
Featured image from Asia Crypto Today, chart from TradingView

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

Table of Contents

NewsBTC

Other articles published on Jun 24, 2024

Top Crypto Gainers Today Jun 24 – Cream Finance, Artrade, Ontology Gas, LimeWire

Football Icon Ronaldinho Pushes for Crypto Adoption, Sparks Debate

List of Altcoins Poised for 10X Growth Amid Crypto Bloodbath

Not All Crypto Games Are Game-Changers

Bitcoin's Historic June Bottom Signals Explosive Summer Gains in July – Altcoins That Can Realist...

Odds of Solana falling below $100 are…

Join our free newsletter for daily crypto updates!