Toncoin's Pivotal Moment: A Symmetrical Triangle Hints at a Potential 50% Price Swing
A prominent cryptocurrency analyst has identified a compelling technical pattern in Toncoin (TON)'s daily price chart, suggesting the digital asset is on the cusp of a significant 50% price movement. This analysis, based on a "symmetrical triangle" formation, points to an impending breakout with considerable implications for TON's valuation.
Decoding the Symmetrical Triangle Pattern
Analyst Ali Martinez recently highlighted on X that Toncoin’s price has been consolidating within a symmetrical triangle for several months. This pattern forms when an asset's price narrows between two converging trendlines, signaling market indecision. The upper trendline typically acts as resistance, while the lower one provides support, with the price action gradually "coiling" towards an apex. Unlike ascending or descending triangles, a symmetrical triangle implies no inherent directional bias, meaning a breakout is equally probable to occur upwards or downwards.
The Impending 50% Breakout for TON
As Toncoin's consolidation becomes increasingly narrow, nearing the triangle's apex, the likelihood of a decisive breakout intensifies. According to Martinez, such a breakout from this pattern could result in a substantial 50% price move for Toncoin. Given the nature of a symmetrical triangle, this significant shift could theoretically push TON's value higher or lower. Recent price action saw TON dip below $3.04 before recovering to $3.11, highlighting the current tension as the asset approaches this critical juncture. Investors are now closely monitoring whether the established support holds or if a bearish breakdown will occur.
