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Toncoin (TON) has been staying steady over the past week, trading between $5.20 and $5.80. This has left many wondering—will it break out or stay stuck in this range? In this article, we’ll take a closer look at what’s happening with Toncoin price prediction and what could be next for its price.
How has the Toncoin (TON) Price Moved Recently?
Toncoin (TON) is currently priced at $5.57, with a 24-hour trading volume of $732.13 million, a market cap of $14.17 billion, and a market dominance of 0.46%. Over the past 24 hours, TON's price has risen by 1.53%.
The cryptocurrency reached its all-time high of $8.27 on June 15, 2024, while its lowest recorded price was $0.523925 on September 21, 2021. Since its peak, the lowest price TON has fallen to was $4.49 (cycle low), and the highest price it achieved afterward was $6.12 (cycle high). The current market sentiment for Toncoin is bullish, with the Fear & Greed Index at 90, signaling "Extreme Greed."
Toncoin has a circulating supply of 2.55 billion TON, with a maximum supply of 5 billion TON. Over the last year, the yearly supply inflation rate was -25.83%, indicating a decrease of 886.42 million TON in circulation.
Why is Toncoin's (TON) Price Stable?
Toncoin’s (TONUSD) recent price stability can be attributed to a balance of competing technical factors in the market. While the token is experiencing a downward correction in the short term, it remains supported by the 50-day Simple Moving Average (SMA), which acts as a key level of technical support. This support prevents sharp declines and offers a cushion for traders, reinforcing the current price range.
However, the Relative Strength Index (RSI) has recently shown signs of being overbought, which often signals that an asset's price may be due for a pullback. This has introduced negative pressure, curbing the possibility of an immediate upward breakout. These conflicting forces—support from the SMA and resistance due to overbought conditions—are creating a tug-of-war, resulting in Toncoin's stable price action.
TON price stability may persist until one of these factors gives way. If the 50-day SMA support holds strong and buying interest resumes, TON could attempt to resume its upward trend. On the other hand, if the downward correction intensifies due to bearish sentiment or weakening support levels, the price may decline further.
In the short term, stability is likely to remain a theme unless a significant market catalyst, such as broader cryptocurrency market movements or fundamental developments specific to TON price, disrupts the current equilibrium. Traders should closely monitor the RSI and SMA levels, as a decisive move below the 50-day SMA or a cooling off from overbought RSI levels could indicate the next directional shift for Toncoin.
Toncoin Price Prediction: TON Price To Reach $12?
Toncoin's price movements over the past week have displayed a clear range-bound pattern, with trading restricted between $5.20 and $5.80. Despite the bullish sentiment prevailing in the broader cryptocurrency market, TON has struggled to break above the key $5.80 resistance level. Analysts suggest that overcoming this barrier is critical for TON to initiate a sustained upward trend.
From a technical perspective, the current price action indicates that bulls are actively attempting to retest the $5.80 level. If this resistance is broken, Toncoin could rally to $6, with potential momentum to reach $7 in the coming weeks. This aligns with bullish market sentiment, as reflected by the Fear and Greed Index, which is currently in the "Extreme Greed" zone. Such a psychological indicator often signals strong buyer interest and could fuel further price increases.
However, the prediction of TON reaching $12 in the next few days appears overly optimistic under current conditions. While a surge to $10, is more likely achievable in the medium term, provided that bullish momentum sustains and broader market conditions remain favorable. To climb to $12, Toncoin would need a significant catalyst, such as major adoption news, technological upgrades, or a sharp spike in trading volume. Without such developments, TON's immediate upward trajectory is expected to remain gradual.
So, Toncoin exhibits strong potential for growth, reaching $12 in the next few days would require a substantial breakout beyond $7 and a continuation of bullish momentum. Investors should monitor the $5.80 resistance closely, as a successful breakout could set the stage for further gains, though a slower climb toward $10 seems more realistic in the short term.