Toncoin appears ready for a significant 12% rise towards $9, following a breakout from an ascending triangle pattern, as highlighted by Ali Martinez, a top analyst. Currently priced at $7.61, with a 24-hour trading volume of $266,247,233, Toncoin has seen an increase of 0.70% over the past day. The bullish momentum is underscored by the ascending triangle, a pattern characterized by a horizontal resistance line and an ascending support line, indicating potential for further gains.
The Fibonacci retracement levels provide crucial insights into support and resistance points. The 0.618 Fibonacci level stands at around $7.6614, followed by the 0.5 level at $7.4875, the 0.382 level at $7.3176, the 0.236 level at $7.1127, and the 0 level at $6.7935.
VanEck ETF Filing Sparks Solana’s Biggest Rally in Over a MonthThese levels act as potential support zones in the event of a pullback. On the other hand, resistance levels are marked at the 0.786 Fibonacci level around $7.9159, the 1 level at $8.2524, the 1.272 level at $8.7008, and the 1.414 level at $8.9445.
The ascending triangle pattern suggests a bullish continuation. The price has been oscillating within this triangle, currently testing the resistance level. A breakout above this horizontal resistance line, around the current price level, could signal a strong bullish trend. In this scenario, the immediate target would be the 1 Fibonacci level at $8.2524. Further gains could lead to testing the 1.272 and 1.414 Fibonacci extensions at $8.7008 and $8.9445, respectively.
The Relative Strength Index (RSI) for Toncoin is at 56.45, indicating a neutral stance. This level suggests the potential for both upward and downward movements in the near future. Meanwhile, the Moving Average Convergence Divergence (MACD) is trading below the signal line could hint at a short-term bearish trend.
