Toncoin price prediction – Will $7 fall for TON now after Bitcoin’s latest rally?

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    TON has been stuck in a tight range below $7
    Can the altcoin break out from the sideway trend? 

As a seasoned crypto investor who’s seen more than a few market cycles, I must admit that TON‘s current situation has me scratching my graying beard. This coin has been stuck in a tight range for weeks now, and it’s leaving me with a sense of déjà vu – like watching Groundhog Day but with less Bill Murray and more cryptocurrency charts.

starting from mid-August, Toncoin (TON) has been confined to a narrow trading band without significant fluctuations in its price. The surge in Bitcoin (BTC) to $64k on Friday didn’t cause much movement or change in the TON price charts. Instead, it continued to trade within the range of approximately $6.4 and $7.

Given the optimistic mood in the cryptocurrency market as the weekend approaches, what key levels should investors in TON keep an eye on instead?

Will TON break from the sideway trend?

Toncoin price prediction – Will $7 fall for TON now after Bitcoin’s latest rally?

On the higher timeframe charts, the 200-day SMA (Simple Moving Average) has been a key level for price rejections, thrice since mid-July. This makes it a key dynamic resistance level. At the time of writing, the dynamic resistance level aligned with the 38.2% Fib level ($7).
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Essentially, for traders in the immediate future, $7 remains an important level to watch, as it could serve as a barrier preventing price increases. The current chart trends hint at a prolonged period of sideways movement. This is suggested by fluctuating market demand, which can be observed through the Relative Strength Index (RSI) oscillating between neutral and 60-point levels, indicating uncertainty.

However, recent price action also chalked a local bottom, with the 200-day SMA as the neckline resistance. The pattern is a typical bullish formation, a possible breakout could push TON to the 23.6% Fib level ($7.45). If the bulls hit the target, that would be an extra 7% gain.  

Key targets based on liquidity clusters

Toncoin price prediction – Will $7 fall for TON now after Bitcoin’s latest rally?

According to data from Coinglass, significant liquidity groups (prominently highlighted at $7.3, $6.3, and $6.0) were identified for TON. Interestingly, there was more liquidity available above $6 than at $7.3. These levels could potentially serve as turning points in the price trend. Furthermore, the distribution of liquidity around these price movements seems to suggest a pattern of sideways movement.

Read Toncoin [TON] Price Prediction 2024 -2025 

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To summarize, the number of active addresses on the TON network has shown minimal increase since August 17th, suggesting a decline in user engagement with the altcoin. This lack of interest among users may hinder a robust comeback for the coin.

Toncoin price prediction – Will $7 fall for TON now after Bitcoin’s latest rally?

However, BTC’s extended rally could spur TON’s value, invalidating the aforementioned neutral outlook. So, it is worth tracking the king coin’s movement too. 

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2024-08-24 22:15