Altcoin
Toncoin price prediction – Will $7 fall for TON now after Bitcoin’s latest rally?
Posted:
Journalist
- TON has been stuck in a tight range below $7
- Can the altcoin break out from the sideway trend?
Since mid-August, Toncoin [TON] has been trading within a tight price range. The relief bounce on Friday, the one that saw Bitcoin [BTC] tap $64k, didn’t stir much action on the price charts for TON. In fact, it was still stuck within the range of the $6.4 and $7 price levels.
However, in light of the crypto market sentiment improving into the weekend, which levels should TON speculators watch out for?
Will TON break from the sideway trend?
![Toncoin [TON]](https://ambcrypto.com/wp-content/uploads/2024/08/TONUSDT_2024-08-24_14-03-13.png)
Source: TON/USDT, TradingView
In short, $7 is still crucial resistance level for traders in the near term. By extension, the price chart readings leaned towards a possible extension of the sideway structure. This outlook was further illustrated by fluctuating demand, as shown by the RSI (Relative Strength Index) whipsawing between neutral and 60-point levels.
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
Source: Coinglass
As per Coinglass liquidity data, TON had key liquidity clusters (bright orange levels) at $7.3, $6.3, and $6.0. There was more liquidity above $6 than at $7.3. These levels could be key price inflection points. The location of liquidity on either side of the price action also further supported the notion of a sideway structure.
Read Toncoin [TON] Price Prediction 2024 -2025
Finally, TON’s network activity recorded slow growth, as denoted by the near-flat active addresses since 17 August. The slow network activity signaled users’ little interest in the altcoin, which could undermine a strong recovery.
Source: IntoTheBlock
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.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
