Toncoin price prediction – Will $7 fall for TON now after Bitcoin’s latest rally?

• 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 also further supported the notion of a sideway structure. 

Read Toncoin [TON] Price Prediction 2024 -2025 

Finally, TON’s network activity recorded 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. 

Source: IntoTheBlock

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. 

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion