Cryptocurrency Toncoin surges to new all-time high, can it climb to $10?
The price of Telegram-backed Toncoin (TON) recently peaked at $8.15 before settling at $7.60, sending shockwaves through the cryptocurrency market. With technical indicators showing both bearish and bullish signs, investors are on edge, trying to figure out if this is just a passing fad or the beginning of a major rally.
Cup-and-handle indicator points up, but TDS warns of a bounce
Analysts are divided on TON’s short-term prospects. One crypto expert poured cold water on the current excitement as the TD Sequential indicator gave a “sell signal.” Therefore, a price correction of one to four trading days may be in the cards.
Fibonacci retracement levels may offer protection for those expecting a price drop. These levels provide TON with a buffer against a fall, located at $7.44, $7.29, and possibly $7.18.
Another cryptocurrency expert, Clay, sees the market forming a bullish “cup with handle” pattern. This pattern, which is traditionally bullish after a period of consolidation, suggests that the uptrend will continue.
The analyst noted that TON has just broken through a significant resistance area, adding weight to his bullish thesis, which is seen as a platform for further gains.
When looking at the daily chart, technical indicators show the same story. The price has tested the $7.65 level several times, where it is currently facing resistance. When TON breaks through this obstacle, it may face strong support at $8.28. The 100-day exponential moving average (EMA) support at $6.01 further strengthens the bullish argument, providing safety in case of price declines.
