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Crypto analyst Ali Martinez is bullish on Toncoin (TON): predicting a 46% rally.
- A crypto analyst says TON is headed to $11, gaining over 40%, but technical analysis shows it may first drop to $7.2 before regaining momentum.
- TON was the only cryptocurrency among the top ten coins to post net gains over the past seven days and was second only to Uniswap’s UNI in gains among the top 100 as most cryptocurrencies flashed red.
TON had a fantastic week, gaining over 12% to cement its place among the top ten cryptocurrencies, although most coins flashed red, with some like BNB and Shiba Inu losing over 10%. According to an analyst, things could get even better for the native token of the Toncoin network.
TON trades just below $8, losing a paltry 1% over the past day as trading volume fell 43% to $289 million.
Over the past week, the token has gained 12.29%, hitting a weekly high of $0.8.2246, just shy of its record price of $8.26, reached in mid-June 2022. Since hitting a weekly low of $6.7704, the cryptocurrency rose 21.5% over the next three days, defying the broader market trend.
Toncoin’s rise is even more impressive given the overall market performance over the past week. Bitcoin and Ethereum lost more than 3.5%, while Cardano and Dogecoin lost more than 5.3%. BNB, Shiba Inu and NEAR were the biggest losers in the top 20, losing more than 10% in a brutal week.
The popular meme coin FLOKI has taken a hit, losing 27% in the last seven days while Worldcoin has lost 19%.
At the other end, Uniswap’s UNI gained an impressive 15.6%
Things could get even better for TON, says crypto analyst Ali Martinez. He told his 64,000 followers on X:
Toncoin is preparing for a potential 40% breakout, targeting $11! However, the TD Sequential indicator suggests that TON may briefly drop to $7.2 to raise liquidity ahead of the recovery.
Another analyst supports the bullish thesis, pointing out that the token successfully broke out of the Cup and Handle pattern when it surpassed $7.70 three days ago. Cup and handle it is a pattern in which an asset’s price resembles a “U” shaped cup with a smaller “U” pattern resembling the handle, and breaking above the past signals bullish momentum.
The analyst says that after passing the model, the price of TONNE it is heading towards $10.86. However, investors should target the 161.8% Fibonacci level (which, in this case, will be $9.61) as a profit-taking point.
Other metrics indicate an influx of investors and users to TON. Its total value was frozen recently hit a new high and is now just under $600 million. As an example, on April 1 this year, TVL was below $100 million and has skyrocketed during that time, with decentralized exchange DeDust leading the market at $294 million. The increase in interest in Notcoin, the gaming currency on Telegram, has significantly influenced this parameter.