Toncoin (TON) Price Prediction 2021 - Will TON Break From the Sideway Trend?
- WBOYOriginal
- 2024-08-25 06:13:18412browse
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
Toncoin [TON] price action has been largely contained within a tight price range since mid-August. Despite a brief rally in the crypto market towards the weekend, TON’s price showed limited movement.
The price action, at the time of writing, was still sandwiched between the $6.4 and $7 price levels. However, the crypto’s price did chalk out a local bottom recently, with the 200-day SMA serving as the neckline resistance for the pattern.
This pattern is usually a bullish formation. A 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.
Chart: TradingView, Fib retracement levels (dotted lines)
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?
As highlighted earlier, $7 still remained a 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
Chart: Coinglass, TON/USDT 現貨清算单价分布图
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 a 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.
Chart: IntoTheBlock, Active Addresses
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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