Toncoin Gearing Up for Potential Breakout Aim For $11, But There is Catch
Mustafa Mulla13 Jun 20242 min read
Toncoin (TON), the native cryptocurrency of The Open Network, has hit a new all-time high of $7.64, an increase of 8.28%. Its market capitalization now stands at $18.5 billion, with a circulating supply of 5 billion TON, making it the ninth-largest cryptocurrency.
Meanwhile, renowned chart analyst Ali Martinez highlighted that Toncoin is poised for a significant breakout. With expectations of a potential 40% surge, Toncoin enthusiasts are eagerly awaiting its movement toward the $11 mark.
Toncoin To Break Out 40%
In a recent tweet post, Ali Martinez recently took to social media to share his insights on Toncoin’s market trajectory. According to Martinez, Toncoin is gearing up for a robust breakout that could propel its value to $11.
A technical analysis of Toncoin’s chart shows a golden cross formation, where the 50-day moving average crosses above the 200-day moving average. This signals a potential long-term bullish trend, boosting market sentiment for the altcoin.
Looking at the Relative strength index (RSI) Toncoin stands at 62, signaling bullish momentum as it hasn’t reached the overbought zone. Additionally, social metrics like volume and dominance have turned bullish in the past five days, suggesting a potential market upturn.
However, Martinez’s analysis also includes a cautionary note, pointing to the TD Sequential indicator suggesting that Toncoin might experience a short-term dip to around $7.2. This potential decline is expected to gather liquidity, setting the stage for the anticipated upswing and a climb towards the $11 target.
DeFi Interest Surged
The Toncoin blockchain network is experiencing significant growth, drawing DeFi developers and locking nearly $1 billion in total value. Active Toncoin wallets have surged from 1.28 million to over 8 million, indicating increasing adoption and user engagement.
As of now, Toncoin is trading at $7.52, reflecting a 4.7% increase in the last 24 hours. Trading volume has surged by 92%, reaching $520 million.
Also Read: Here’s Why Ethena Is The Best Altcoin To Buy In This Dip!
