- Toncoin (TON) shows potential for a rebound as the TD Sequential indicator issues a buy signal.
- Key Fibonacci retracement levels suggest support at $7.33 and resistance at $7.51 and $7.69.
- Toncoin’s price reached above a critical support level, indicating a possible rebound.
Market analysts suggest that Toncoin (TON) could experience a rebound, citing a TD Sequential buy signal on the token’s four-hour chart. The buy signal predicts a potential price increase of one to four candlesticks for TON in the short term. Market analyst Ali shared this information on Twitter, highlighting the promising forecast.
The chart shared by analyst Ali highlights key technical levels and indicators. The Fibonacci retracement levels offer critical insights into potential support and resistance areas. As of press time, Toncoin is trading at $7.35, with immediate support identified at $7.33, which aligns with the 0.382 Fibonacci retracement level. This suggests a possible stabilization point before the anticipated upward movement.
Source: Twitter
One of the prominent features of the chart is the TD Sequential buy signal. This signal, marked by the number 9 and an upward arrow, is a widely followed indicator among traders. It is known for predicting potential reversals in price trends. In this case, the signal suggests a likely rebound for Toncoin, making it a point of interest for those watching the market closely.
Furthermore, the Fibonacci retracement levels provide a roadmap for potential price movements. The 0.5 level at $7.51 serves as the first resistance point, which could test the strength of the rebound. If Toncoin breaks through this level, the next significant resistance lies at the 0.618 level, positioned at $7.69. A move beyond this point would be more bullish, targeting the 0.786 level at $7.95 and potentially the 1 level at $8.28.
While recent price action shows a downtrend leading to the current support level, the buy signal from the TD Sequential indicator offers hope for a bullish turn.
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