The post Toncoin price prediction – Will $7 fall for TON now after Bitcoin’s latest rally? appeared on BitcoinEthereumNews.com.

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? Source: TON/USDT, TradingView On the higher timeframe charts, the 200-day SMA (Simple Moving Average) has been a key level for price rejections, thrice since mid-July. This makes it a key dynamic resistance level. At the time of writing, the dynamic resistance level aligned with the 38.2% Fib level ($7).  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…

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Filed under: News - @ August 24, 2024 7:11 pm