The post Buy At This Price, Says Analyst appeared on BitcoinEthereumNews.com.

In a technical analysis, crypto analyst Ali Martinez has identified a potential 40% breakout for Toncoin (TON), targeting an ambitious price point of $11. Martinez’s analysis, delivered through detailed chart reviews published on X, provides a robust case for TON’s impending price movement, underpinned by classical chart patterns and Fibonacci retracement levels. Toncoin Is on The Verge Of A Major Breakout Martinez’s first chart showcases TON/USDT plotted on a 12-hour timeframe, demonstrating a classic ascending triangle pattern. This pattern is recognized in technical analysis as a bullish signal, particularly when it forms during an uptrend as is evident with TON. An ascending triangle is characterized by a flat upper resistance line—here, at approximately $7.54—and a rising lower trendline that sequentially creates higher lows. The convergence of these lines indicates dwindling supply and increasing demand, suggesting that a breakout is likely as the price compresses. Related Reading The target price of $11, which implies a 40% increase from the triangle’s resistance line, is derived using the measured move method. This method calculates the breakout target by adding the widest point of the triangle to the breakout point. In TON’s case, the widest part of the triangle spans approximately $3.07 (40.03%), projecting from the breakout resistance could ideally set the price near $11. Martinez extends his analysis on a separate 4-hour chart of TON’s performance in a Tether (USDT) perpetual contract on Binance. This chart employs Fibonacci retracement levels to further refine the support and resistance thresholds. The Fibonacci levels, drawn from recent highs and lows, reveal crucial supports at $7.44 (23.6% retracement), $7.30 (38.2% retracement), $7.1912 (50% retracement) and $6.9220 (78.6% retracement). Related Reading Compounding the technical narrative, the TD Sequential indicator—an advanced tool used to predict price reversals—points to a potential short-term pullback. Martinez notes this indicator suggests that TON…

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Filed under: News - @ June 13, 2024 10:26 pm