Is Toncoin (TON) Poised for a Rebound to $5? TD Sequential Suggests a Potential Upswing
Is Toncoin (TON) Poised for a Rebound to $5? TD Sequential Suggests a Potential Upswing
Toncoin (TON) has emerged as a standout performer in the cryptocurrency market during 2024, experiencing a remarkable surge in the first half of the year. However, like other large-cap assets, the altcoin has encountered difficulties sustaining its momentum in recent months. In its latest downturn, Toncoin’s price dipped below the psychologically significant $5 level for the first time in over a month on Friday, October 25th.
Despite this recent decline, a prominent analyst on X has predicted that Toncoin may not remain below this key support level for long.
Analyst Sounds Buy Alarm for TON – Here’s Why
In a recent post on X, renowned crypto analyst Ali Martinez shared his insights, suggesting that the price of TON could be gearing up for a faster-than-anticipated rebound. This optimistic outlook came after the altcoin succumbed to intense bearish pressure and dropped below the $5 mark.
According to Martinez, the \”Tom Demark\” (TD) Sequential indicator, a tool widely used in technical analysis, has signaled a buy alert for Toncoin on its 12-hour chart. The TD Sequential helps traders identify potential points of trend exhaustion and price reversals. This indicator comprises two main phases: the TD Setup phase and the TD Countdown phase.
As illustrated in the chart below, Toncoin’s price on the 12-hour timeframe appears to have completed the TD Setup phase. The Setup phase encompasses nine candles with the same polarity (bearish or bullish). In a bullish Setup phase, the starting number \”1\” is assigned to a candle that closes higher than the close of the candle four periods prior. Conversely, a bearish Setup phase is marked by the starting number \”1\” on a candle that closes lower than the close of the candle four periods before.
A potential point of price reversal can be identified when the TD Sequential plots figure \”9\” at the top or bottom of a candle in a bullish or bearish trend. As observed in the Toncoin 12-hour chart, the figure \”9\” appeared on the last bearish candlestick, indicating that the altcoin might be gearing up for a rebound.
If this projection holds true, investors could see the TON price return to $5 in the near future.
Toncoin Price at a Glance
As of this writing, the price of Toncoin is hovering around $4.74, reflecting a disheartening 7.4% decline in the past 24 hours. This contributes to the altcoin’s volatile performance on the weekly timeframe, resulting in a 10% price drop.