Ton Coin Price Prediction: TON Coin Targets 15% Rise

Bittime – After a massive price drop on Toncoin (TON), the coin is currently poised for a breakout and potential rally. 

Since Telegram CEO Pavel Durov was arrested in France, TON's price has seen a decline of more than 25% and is currently still struggling to gain momentum.

TON Price Prediction 

Amid this ongoing consolidation, TON has formed a bullish descending price action pattern on the four-hour time frame. Now it is in a narrow zone and ready for a breakout.

According to technical analysis from experts, TON is at the crucial support level of $5.08. Over the last 20 hours, the coin consolidated in a narrow range between $5.1 and $5.24 levels. 

If TON manages to breakout from this consolidation zone and closes the 4-hour candle above the $5.30 level, there is a high probability that its price could jump 15% to $6.

However, if sentiment remains bearish and TON closes the 4-hour candle below the $5.08 support level, we may witness a major sell-off. 

Currently, the TON Relative Strength Index (RSI) indicator is in oversold territory, which indicates a potential price reversal from a downward trend to an upward trend.

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On-Chain Methods that Support Bullishness 

Additionally, the Sentiment Supply Distribution metric shows that the number of wallets holding 100,000 to 1 million TON tokens has reduced significantly. 

Meanwhile, wallets holding 1 million to 10 million tokens have skyrocketed from 0 to 1.11 million since the Telegram CEO was arrested.

This significant spike in accumulation by whales indicates a potential buying opportunity amidst falling prices and suggests that whales may consider this to be a good time to buy.

TON Price Performance and Open Interest 

At the time of writing, TON is trading around $5.20 and has seen its price drop by more than 2% in the last 24 hours. 

Meanwhile, its trading volume increased by 25% over the same period, indicating higher participation from traders and investors amid the latest price decline.

However, TON's open interest fell by 2% in the last 24 hours, according to on-chain analytics firm CoinGlass. This decline shows potential fear among traders due to bearish market sentiment.

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