Is Toncoin Price Set For A Swift Return To $5? The TD Sequential Suggests So
26 Outubro 2024 - 4:00PM
NEWSBTC
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. However, the altcoin has struggled to keep
up the pace just as the other large-cap assets in recent months. In
its latest downturn, the Toncoin price lost its hold 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. Related Reading:
Dogecoin Price Flashes Bullish Pennant On Daily Heikin Ashi Chart,
What This Means 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, meaning that
altcoin might be gearing up 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 As of this writing, the price
of Toncoin stands at around $4.74, reflecting a disappointing 7.4%
decline in the past 24 hours. This brings the altcoin’s wobbly
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? Featured image from iStock, chart from TradingView
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