One crypto analyst says that TON is headed to $11, gaining over 40%, but technical analysis shows that it might first dip to $7.2 before picking up momentum.
TON was the only crypto in the top ten coins to record net gains in the past seven days and was only second to Uniswap’s UNI for gains among the top 100 as most cryptos flashed red.
TON has had a great week, gaining over 12% to cement its spot in the top ten cryptocurrencies, even as most coins flashed red, with some like BNB and Shiba Inu losing over 10%. According to one analyst, it might get even better for the native token of the Toncoin network.
TON trades just below $8, shedding a paltry 1% in the past day as trading volume dipped 43% to $289 million.
In the past week, the token has gained 12.29%, hitting a weekly high at $.8.2246, just shy of its record price of $8.26, which it achieved in mid-June 2022. Since hitting a weekly low of $6.7704, the crypto surged 21.5% over the next three days, defying the broader market trend.
Toncoin’s ascent is even more impressive, given the overall market’s performance over the past week. Bitcoin and Ethereum lost over 3.5%, while Cardano and Dogecoin lost over 5.3%. BNB, Shiba Inu and NEAR were the biggest losers in the top 20, shedding over 10% in a brutal week.
Popular meme coin FLOKI took a massive blow, dipping 27% in the past seven days as Worldcoin lost 19%.
On the opposite end, Uniswap’s UNI gained an impressive 15.6%
It could get even better for TON, says crypto analyst Ali Martinez. He told his 64,000 followers on X:
Toncoin is gearing up for a potential 40% breakout, aiming for $11! However, the TD Sequential indicator suggests TON might briefly dip to $7.2 to gather liquidity before the upswing.
Another analyst supports the bullish thesis, pointing out that the token successfully broke past a Cup and Handle pattern when it surged past $7.70 three days ago. Cup and Handle is a pattern in which the price of an asset resembles an “u” shaped cup with a smaller “u” pattern resembling the handle, and breaking past signals bullish momentum.
The analyst says that after breaking past the pattern, the price of TON is heading towards $10.86. However, investors should target the 161.8% Fibonacci level (which, in this case, will be $9.61) as a profit-taking point.
Other metrics point to an influx of investors and users to TON. Its total value locked recently hit a new high and now stands just shy of $600 million. For context, on April 1 this year, TVL stood below $100 million and has been on a meteoric rise in that time, with decentralized exchange DeDust leading the market at $294 million. The surge in interest in Notcoin, the gaming coin on Telegram, has significantly influenced this metric.
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