Toncoin price prediction is highly bullish for the coming months. It suggests bulls are returning back to track and more upside is possible.
TON price surged 13% in a single day and displayed a massive breakout. It formed a bullish pattern and broke the $2.00 hurdle with a strong buying volume. It shows some big investors had injected the money and expected an outperformance.
Toncoin price managed to climb above the 50-day and 200-day EMA. It showcases that the short-term and positional trend has now reversed upward.
At the beginning of September, the TON price breakout of the $1.800 hurdle grabbed the attention of investors. However, the prices did not give the follow-up momentum and witnessed minor profit booking.
It took support near to the 50-day EMA and the price again bounced back with strong momentum.
At present, the Toncoin price is rising upward by forming a higher high candle. It triggered the positive sentiment and many fresh buyers are participating in the rally.
Toncoin price is trading at $2.4244 with an intraday rise of 1.22%. The 24-hour volume to market cap is 0.94%.
Is the Breakout in Toncoin Price Reliable?
Toncoin price prediction stays bullish for the long term. TON crypto is forming a bullish pattern on multiple time frames. The recent breakout looks reliable and sustainable.
So if any short triggers form the higher levels, then it will provide a good opportunity for the long-term investors.
Till the TON price sustains above $1.600 it is expected to remain in the bulls’ grip. The prices have rallied a lot in a short span of time so a narrow range consolidation is possible.
The analysis suggests the rally has just begun in Toncoin, so hold your bullish bets and stay invested.
TON Price Shot up 40% in the Current Week
TON price shot up 40% in the current week and formed a giant bullish candle. Buyers look aggressive as they try to break the YTD highs. The crypto leader BTC price is also in recovery mode. So if the recovery continues then TON will also be positively impacted.
The MACD curve generated a positive crossover and slopes upward indicating the confidence of the bulls. The RSI at 80 denotes oversold territory so a short-term retracement is possible.
Conclusion
Toncoin price prediction is bullish and suggests more upside is possible. It broke out of the $2.00 hurdle which looks reliable. So investors must look for opportunities to create fresh longs. The analysis suggests that the recent breakout has fueled the rally and more room for upside is open.
Technical levels
- Resistance levels: $2.600 and $2.900
- Support levels: $2.000 and $1.700
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/17/toncoin-price-surges-13-whats-fueling-the-rally-in-ton/