Toncoin (TON) Price Prediction, Up to 15% Rise?

Bittime - Toncoin (TON) is in the spotlight of traders and investors. After experiencing a sharp decline, TON is now showing signs of bouncing back, making market observers optimistic about the potential for its price to rise in the near future.

The arrest of Pavel Durov, CEO of Telegram, in France has triggered a major shock in the market. This caused the price of TON to plummet by more than 25%.

However, the latest Toncoin (TON) price prediction shows signs of bullishness or increase. In fact, this crypto coin can achieve an increase of 15%. Check out the analysis in this article.

Toncoin (TON) Price Prediction

Amid the ongoing consolidation, TON has formed a bullish descending price action pattern in the four-hour time frame. Currently, TON is in a narrow zone and is ready to make the breakout that traders have been waiting for.

According to technical analysis from experts, TON is currently at the crucial support level of IDR 78,740. Over the last 20 hours, the price consolidated in a narrow range between IDR 79,050 and IDR 81,220. 

If TON manages to penetrate the consolidation zone and descending triangle, and closes the 4-hour candle above the IDR 82,150 level, there is a big possibility that the price could skyrocket up to 15% to the IDR 93,000 level.

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However, the crypto market is always full of surprises. If sentiment remains bearish and TON closes the 4-hour candle below the support level of IDR 78,740, we may witness a massive sell-off. Currently, TON's Relative Strength Index (RSI) is in oversold territory, which indicates a potential price reversal from a downtrend to an uptrend.

Metrik On-Chain TON

Sumber: Santiment

Interestingly, on-chain data provides positive signals amidst price turbulence. The Supply Distribution metric from Sentiments shows that the number of wallets holding 100,000 to 1 million TON tokens has decreased significantly. 

Meanwhile, wallets holding 1 million to 10 million tokens jumped from 0 to 1.11 million since the Telegram CEO's arrest.

This significant surge in accumulation by “whales” (large investors) indicates a potential buying opportunity amidst falling prices. This suggests that whales may see this as the perfect time to buy, capitalizing on the momentum before prices rise again.

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TON Price Performance and Open Interest

At the time this article was written, TON was trading at around IDR 80,719 and had experienced a price decline of more than 0.6% in the last 24 hours. 

However, its trading volume increased by around 6% in the same period, indicating higher participation from traders and investors amid the recent price decline.

Despite this, TON's open interest has dropped 2% in the last 24 hours, according to the on-chain analytics firm CoinGlass. This decline indicates potential fear among traders due to bearish market sentiment.

Conclusion

TON's movements reflect the complex dynamics in the crypto market. On the one hand, falling prices and open interest indicate short-term concerns. However, on the other hand, the increase in trading volume and accumulation by whales gives hope for a potential recovery.

For investors and traders, this situation offers both opportunities and risks. It is important to remain alert, conduct in-depth analysis, and not rush into decisions. 

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.