Toncoin which powers famous crypto projects like Hamster kombat and Tapswap coin is looking good trade for short term.
Pullback in Uptrend. Price remains in an Uptrend but has pulled back, which could present a ‘buying dip’ opportunity. Traders should look for the nearest support level where price could stabilize and resume its Uptrend.
This support level could be a level where price bounced off of in the past, or a level that was previously resistance.
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TON Crypto Price Target
Current Price: $7.17
Market Cap: $24.49 billion
Circulating Supply: 3.41 billion TON
Maximum Supply: 5 billion TON
Img src- Altfins
Price remains in an Uptrend, however, it had a bearish breakout from Rising Wedge pattern after it got rejected 2x around $8.30. Pullback to $6.75 support could be an attractive swing trade entry in Uptrend, with +20% upside potential back to $8.30. Stop Loss at $6.46.
Long term there’s 80% upside based on comparable valuation of other L-1 and L-2 networks
Weekly Price Analysis
7-Day Change: -0.14%
1-Day Volume: $203.63 million
Price Movement: Slight bearish pressure with minor fluctuations in the past week.
Trend: Short-term trend is Neutral, Medium-term trend is Up and Long-term trend is Strong Up.
Momentum is Bearish ( MACD Line crossed below MACD Signal Line) BELOW days ago. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $6.75, then $6.00. Nearest Resistance Zone is $8.30, then $10.00.
News Roundup
Bitcoin Cross-Chain Bridge: TON recently introduced a Bitcoin cross-chain bridge, aiming to enhance interoperability and expand its ecosystem.
OKX Wallet Integration: OKX Wallet has added support for TON, marking its 100th protocol support.
Indicators
Relative Strength Index (RSI): 48 (Neutral)
Moving Average Convergence Divergence (MACD): Slightly bearish
Bollinger Bands: Price is close to the lower band, indicating potential oversold conditions.
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