- The coin has currently gone into a consolidation zone.
- A bullish pennant pattern can be seen on the daily chart.
The coin is currently in a sideways trend and is forming a bullish pennant pattern on the daily chart.
TON on the daily time frame
On the daily chart a bullish pennant pattern can be seen. The bullish pennant is a bullish continuation pattern that continues its uptrend after a period of consolidation. On January 27 this year, the coin tried to break the bullish pennant resistance but was unable to do so. Therefore if the coin breaks the resistance this time, it can give a bull rally and then the coin can be seen as an investment opportunity by investors.
Relative Strength Indicator (RSI) – The RSI curve is presently trading at 49.91 which is below its 50-point threshold. The value of the RSI curve will rise once the price of the coin rises. Therefore at present, the RSI indicator does not give any buy signal to investors.
Analyst views and expectations
The coin at present time does not look good for investment purposes. Short-term and long-term investors can look forward to investing in the coin once it gives a bullish pennant pattern breakout because after this, the coin can give a huge bull rally and can generate great returns for investors.
The toncoin might reach little under $4.49 by December 2023, then continue to rise to $11.49 in five years, according to WalletInvestor’s relatively bullish toncoin price projection for 2023.
According to DigitalCoinPrice, toncoin price forecast for 2030, TON might reach $37.88 in that year.
By the end of December 2023, the TON price, according to a projection by CryptoPredictions, might fall to $3.15. The website then forecasted toncoin’s price for 2025, estimating that it will open the year at little less than $4.59 and close it at roughly $5.56.
The anticipated TON price, according to Coincodex tech sector growth prediction, would be between $2.77 and $24.95. This means that, in the best case scenario, the price of toncoin will increase by 985.27% by 2027.
Technical Levels
Major resistance -$2.5618
Major support -$2.0900
Conclusion
The coin does not provide any kind of investment opportunity to investors at current levels.
Disclaimer: The opinions represented in this work along with any other opinions are presented primarily for informative purposes and are not intended to be taken as investment advice.
Source: https://www.thecoinrepublic.com/2023/02/01/unfolding-hidden-opportunities-in-ton-a-technical-analysis-of-the-cryptocurrency/