- Toncoin has entered a bullish triangle, so a break above it could lead to a rise of over 40% to $4.27.
- Analyst Ali mentions that the token’s price is leaning towards consolidation, while the current RSI puts TON at risk for a rally.
- While the MACD currently shows negative momentum, a confirmed breakout from the triangle pattern could trigger a strong upward price movement for TON.
Ali (@ali_charts) on X talks about a new update for Toncoin (TON), which is the native token of The Open Network blockchain. Ali indicated, by using a chart, that TON was forming a triangle, which often means a significant price movement ahead.
Toncoin Forming a Triangle Pattern Could Mean a Big Breakout Is Coming
Ali believes this could result in crypto’s price rising as much as 40%, interesting many crypto fans. The chart Ali posted is Toncoin’s price on a four-hour timeline and illustrates the token’s price going up and down between two straight lines that are moving closer together, making the chart into a triangle.
It means that the price is not changing much as people are buying and selling in the same range. Most of the time, once the price leaves the triangle, it heads strongly towards one target.
If Ali’s theory is correct and the price moves up from the triangle shape, it could be a major increase. That would mean a rise to $4.27 from its current price of $3.05.
The chart is from TradingView, a popular platform for tracking financial markets, and it shows TON’s price history clearly. In February, the price was higher, around $5, but it fell sharply before stabilizing between $2.20 and $3.50 through March, April, and May.
The triangle pattern started forming as the price made smaller ups and downs, hinting at a big move coming soon.
Source: X (@ali_charts)
Oversold RSI for Toncoin Indicates a Possible Rebound
In addition, two indicators offer deeper insights. The MACD, which helps traders identify changes in momentum, shows a negative value of -0.044. This suggests that the Toncoin price is in a downward trend and this trend might persist, as the two lines on the MACD (one blue and one orange) are below zero.
The RSI, a tool that gauges whether a coin is overbought or oversold, is at 39.66. Since this value is below 50, it suggests Toncoin might be approaching an oversold condition, which some traders view as a potential buying opportunity.
Source: TradingView
