Toncoin Preparing for Possible Breakout Targeting 11 With a Catch
Key Points
– Ali Martinez has made a bold prediction of a potential 40% surge in Toncoin’s price from its current level of $7.64.
– Toncoin’s chart displays a golden cross formation, indicating a possible long-term bullish trend.
– The number of Toncoin wallets has increased significantly from 1.28 million to over 8 million, showcasing growing investor confidence.
– Toncoin (TON), the primary cryptocurrency of The Open Network, has reached a new all-time high of $7.64, marking an 8.28% increase. Its market capitalization now sits at $18.5 billion, making it the ninth-largest cryptocurrency in terms of circulating supply, which stands at 5 billion TON.
Renowned analyst Ali Martinez has suggested that Toncoin is on the cusp of a major breakout. With expectations of a potential 40% increase, enthusiasts of the cryptocurrency are eagerly anticipating its climb towards the $11 threshold.
In a recent social media post, Martinez shared his insights on Toncoin’s market trajectory, highlighting the potential for a significant breakout that could see its value reach $11. The TD Sequential indicator, however, hints at a possible brief dip to $7.2 to gather liquidity before the anticipated upswing.
A technical analysis of Toncoin’s chart reveals a golden cross formation, where the 50-day moving average crosses above the 200-day moving average. This signals a promising long-term bullish trend, boosting overall market sentiment for the altcoin.
The Relative Strength Index (RSI) for Toncoin currently stands at 62, indicating bullish momentum without entering the overbought zone. Positive social metrics such as volume and dominance over the past five days suggest a potential market upturn.
Despite the optimistic outlook, Martinez’s analysis also includes a word of caution, pointing to the TD Sequential indicator’s suggestion of a potential short-term decline to around $7.2. This dip is anticipated to attract liquidity, paving the way for the expected upswing and a move towards the $11 target.
Interest in decentralized finance (DeFi) has seen a surge within the Toncoin blockchain network, attracting developers and locking in nearly $1 billion in total value. The significant growth is further evidenced by the rise in active Toncoin wallets from 1.28 million to over 8 million, indicating a growing adoption rate and increased user engagement.
Currently, Toncoin is trading at $7.52, reflecting a 4.7% increase over the last 24 hours. Trading volume has also soared by 92%, reaching $520 million.