Title: TON Coin Poised for Bullish Breakout, Eyes on 15% Price Surge
After a significant price drop in Toncoin (TON) following the arrest of Telegram CEO Pavel Durov in France, the cryptocurrency is now showing signs of a potential rally. The price of TON has dropped by over 25% and has been struggling to gain momentum in recent days.
Technical analysis suggests that TON has formed a bullish descending price action pattern in the four-hour time frame and is currently in a narrow consolidation zone. If TON manages to break out of this zone and close above the $5.30 level, experts predict a potential 15% surge to $6.
On the other hand, if TON closes below the crucial support level of $5.08, we may see a further sell-off. The Relative Strength Index (RSI) for TON is currently in the oversold territory, indicating a possible price reversal from downward to upward.
In addition to technical analysis, on-chain metrics also point towards a bullish outlook for TON. The number of wallets holding 1 million to 10 million TON tokens has significantly increased since Pavel Durov’s arrest, suggesting that whales are accumulating TON at the current price levels.
Despite a recent price drop of over 2% in the last 24 hours, TON’s trading volume has increased by 25%, indicating higher participation from traders and investors. However, open interest in TON has dropped by 2%, signaling potential fear among traders in the current bearish market sentiment.
Overall, TON is currently trading near $5.20 and is poised for a breakout. Traders and investors are keeping a close eye on the $5.30 level, as a breakout above this level could lead to a significant price surge for TON.
Source: Coinpedia
