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Cryptocurrency News Articles
Toncoin (TON) May Be Gearing Up For A Rebound, Here’s Why
Oct 27, 2024 at 03:00 am
Toncoin (TON) has undoubtedly been one of the best performers in the cryptocurrency market in 2024, enjoying a meteoric rise in the first half of the year.
Toncoin (TON) price lost its grip above the psychological $5 level for the first time in over a month on Friday, October 25. However, a popular analyst on X has predicted that the cryptocurrency may not stay beneath this level for long.
Analyst Sounds Buy Alarm For TON — Here's Why
In a recent post on X, prominent crypto analyst Ali Martinez shared that the price of TON might be gearing for a rebound more quickly than anticipated. This positive projection came after the altcoin succumbed to intense bearish pressure to fall below $5.
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According to Martinez, the “Tom Demark” (TD) Sequential has sounded a buy alarm for the Toncoin price on its 12-hour chart. The TD Sequential, an indicator used in technical analysis, can help traders identify potential points and times of trend exhaustion and price reversal.
The TD Sequential is made up of two major phases known as the TD Setup phase and the TD Countdown phase. As shown in the chart below, the price of TON on the 12-hour timeframe appears to have completed the TD Setup phase.
The Setup phase comprises nine candles of the same polarity (bearish or bullish). In a bullish Setup phase, the starting number “1” is plotted on a candle that closes higher than the close of the candle four periods prior. A bearish Setup phase, on the other hand, is marked by the starting number “1” on a candle that closes lower than the close of the candle four periods before.
A possible point of price reversal can be identified when the TD Sequential plots figure “9” on the top or bottom of a candle in a bullish or bearish trend. As seen in the Toncoin 12-hour chart, the figure “9” appeared on the last bearish candlestick, suggesting that the altcoin might be preparing for a rebound. If this projection does hold, investors could see the TON price return to $5 as soon as possible.
Toncoin Price At A Glance
At the time of writing, the price of Toncoin is around $4.74, showing a 7.4% decrease in the past 24 hours. This brings the altcoin's poor performance on the weekly timeframe to a 10% price fall.
Related Reading: Tron Energy Needs Rise 100% In 3 Months: New All-Time High Incoming?
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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