Toncoin Price to Return to $5 Quickly? TD Sequential Suggests
Toncoin (TON) has been one of the strongest performers in 2024, rising rapidly in the first half. In recent months, the cryptocurrency has struggled to stay up with other large-cap assets.
On Friday, October 25, Toncoin fell below $5 for the first time in almost a month. However, a prominent X expert predicts that the cryptocurrency may not remain below this level long.
TON Analyst Warns Buy: Why?
TON may return faster than expected, according to noted crypto analyst Ali Martinez in a recent X article. This hopeful forecast came as the cryptocurrency fell below $5 under severe negative pressure.
Martinez said the “Tom Demark” (TD) Sequential on its 12-hour chart has signaled a Toncoin purchase. Technical analysis indicator the TD Sequential may assist traders spot trend depletion and price reversals.
The two main stages of the TD Sequential are Setup and Countdown. As illustrated in the chart below, TON's 12-hour price looks to have completed TD Setup.
Nine bearish or bullish candles make up the Setup phase. A bullish Setup phase plots the beginning number “1” on a candle that finishes higher than the candle four times before. However, a bearish setup phase is defined by the beginning number “1” on a candle that closes lower than four periods earlier.
The TD Sequential plotting figure “9” on the top or bottom of a bullish or bearish candle may indicate a price reversal. Toncoin's 12-hour chart shows a “9” on the final bearish candlestick, suggesting a comeback. If this prediction holds, investors might see TON rebound to $5 shortly.
Toncoin Price Summary
Toncoin is now trading at $4.74, down 7.4% in 24 hours. Weak weekly performance drives the altcoin's price down 10%.
