- TON has been trapped below the $7 mark for some time now
- Will the altcoin manage to break free from this sideways movement?
Since mid-August, the price of Toncoin [TON] has been range-bound, failing to make any significant moves despite positive market sentiment. Even after a relief bounce, the token remains stuck between the $6.4 and $7 price levels.
With the overall crypto market showing signs of improvement, it’s crucial to keep an eye on key levels for TON.
Is TON on the verge of breaking out?
![Toncoin [TON]](https://ambcrypto.com/wp-content/uploads/2024/08/TONUSDT_2024-08-24_14-03-13.png)
Source: TON/USDT, TradingView
Looking at higher timeframes, the 200-day Simple Moving Average (SMA) has acted as a significant resistance level multiple times. Currently, this dynamic resistance aligns with the 38.2% Fibonacci level at $7. This makes $7 a crucial level to watch in the near term, indicating a possible continuation of sideways movement. The Relative Strength Index (RSI) also reflects fluctuating demand, swinging between neutral and 60-point levels.
However, recent price action has formed a local bottom, with the 200-day SMA serving as the neckline resistance. This bullish pattern could potentially lead to a breakout towards the 23.6% Fib level at $7.45, offering a potential 7% gain if achieved.
Key targets based on liquidity clusters
Source: Coinglass
According to Coinglass liquidity data, key liquidity clusters for TON are located at $7.3, $6.3, and $6.0. The presence of more liquidity above $6 than at $7.3 suggests these levels could act as significant price inflection points, reinforcing the sideways structure.
Read Toncoin [TON] Price Prediction 2024 -2025
Despite slow network activity and little user interest in the altcoin, a potential rally in BTC could impact TON’s value, potentially changing the current neutral outlook.
Source: IntoTheBlock
It’s important to monitor Bitcoin’s movements as well, as they could have a significant impact on TON’s price trajectory.
Disclaimer: The above information is not financial advice and represents the writer’s personal opinion.
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The mouse was chased by the cat as they ran through the house.