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An analyst has pointed out how Toncoin (TON) is currently trading inside a Triangle pattern that could potentially set the stage up for a 40% move.
Toncoin Has Been Stuck Inside A Triangle On The Daily Timeframe
In a new post on X, analyst Ali Martinez has talked about a pattern that Toncoin has recently been moving inside. The pattern in question is a Triangle from technical analysis (TA), which forms when an asset’s price observes consolidation between two converging trendlines.
The upper line of the pattern is likely to be a source of resistance in the future, while the lower one is that of support. A breakout of either of these lines can imply a continuation of the trend in that direction.
There are a few different types of Triangles in TA. Three popular ones include the Ascending, Descending, and Symmetrical variations. The orientation of the trendlines relative to each other defines which type a particular triangular channel falls under.
In an Ascending Triangle, the upper trendline is parallel to the time-axis. This means that as the price travels inside the pattern, its consolidation shrinks toward a net upside. The Descending Triangle involves just the opposite case; the upper line is sloped downward while the lower one is flat.
The third variation, the Symmetrical Triangle, has its trendlines at a roughly equal and opposite slope. In this pattern, the price’s range tightens to a point in a sideways manner.
Now, here is the chart shared by the analyst that shows the Triangle pattern that Toncoin has seemingly been trapped within during the past few months:
From the graph, it’s visible that the Triangle that the 1-day price of Toncoin has been following looks similar to a Symmetrical Triangle, but it’s not a perfect one; there is a slight bias to the downside.
The cryptocurrency most recently found support at the lower line and has since climbed toward the midway point between the trendlines. The coin’s price is now not too far from the apex of the pattern.
Generally, breakouts become more likely as consolidation becomes tighter, so it’s possible that TON may be approaching one. According to the analyst, a breakout, if it happens, could potentially end up leading to a 40% move for Toncoin.
As for which direction a breakout might take the asset in, Symmetrical Triangles usually have both sides at equal probability. Since the Triangle in the current case is slightly angled down, however, an exit below the lower line may be a bit more likely.
It now remains to be seen how Toncoin’s price will develop in the coming days and if the pattern will play any role.
TON Price
At the time of writing, Toncoin is trading around $3.3, up over 2% in the last seven days.
Featured image from Shutterstock.com, charts from TradingView.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.
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