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Toncoin (TON) Price Prediction – When will TON hit $10?

Toncoin (TON) Price Prediction
author Written by
Rex John Walsh
author Fact checked by
Sangram Mohanta

Last Updated on June 3, 2024 by TOP FOREX BROKERS REVIEW

Pantera Capital, a renowned venture capital firm, has recently invested substantially in The Open Network blockchain, which has led to a noteworthy appreciation for Toncoin (TON). 

Pantera Capital emphasized its positive outlook regarding its most recent endeavor, emphasizing its confident position on TON and its integration with Telegram. The Layer 1 network, initially conceptualized by Telegram and subsequently expanded upon by the open-source community, exhibits the potential to facilitate the widespread adoption of cryptocurrencies, primarily due to its extensive integration with Telegram.

Telegram, a platform boasting a substantial user base of more than 900 million monthly, has gained widespread recognition for its multifaceted capabilities, which encompass interpersonal and collective discourse, community involvement, and content dissemination. Pantera Capital anticipates that the network will become a significant participant in the cryptocurrency industry by capitalizing on the combination of TON's expanding ecosystem and Telegram's immense user base and user-friendly interface.

In 2018, Telegram's communications platform published a white paper describing their innovative blockchain initiative, Telegram Open Network (TONNE). This project's primary unit of currency, referred to as 'Gramme,' was meticulously designed to serve multiple functions, including covering transaction fees, facilitating payment settlements, and authenticating transactions across the network.

Should you try buying TON/USD now from the Toncoin price today?

Let's have a look at the complete Toncoin (TON) Price Prediction from the TRON/USD technical analysis:

TON/USD Bulls Are Active From The Rally-base-rally Formation

TON/USDT Bulls Are Active From The Rally-base-rally Formation

 

On the TON/USD daily chart, the current price trades within a rally-based rally formation, which could be a bullish trend continuation. 

If we read the price from left to right, the latest bullish pressure has come from grabbing the sell-side liquidity at the 5.048 level. Moreover, a new swing high formation above 4.600 made the buying pressure more potent for the coming days. 

In the higher timeframe, the weekly candlestick shows a potential bullish continuation opportunity, as the recent price shows a bullish rejection candlestick from the bottom. Moreover, the multiple indecision formations with a valid weekly close above the swing high could be a potential trend continuation signal.

Based on the daily Toncoin Price Prediction, the ongoing buying pressure is potent as there is a consolidation above the 20-day Exponential Moving Average line. Moreover, the 100-day SMA line is a major support, which shows a bullish signal with a crossover with the static high-volume line.

On the other hand, any bearish rejection from the 7.674 level might offer a bearish recovery, where the main aim is to test the 5.048 psychological level.

TON/USD Ichimoku Cloud Analysis

TON/USD Ichimoku Cloud Analysis

 

In the TON/USD H4 chart, the bullish trend is still valid as the current price is above the Ichimoku Kumo Cloud. However, the bullish momentum above the cloud support has become overextended, which could result in a bearish correction as a mean reversion.

In the future cloud, the Senkou Span B and A are positive, which is a sign of a bullish trend continuation. Moreover, a strong gap is seen between the price and the dynamic Kijun Sen, which is a sign of a pending downside correction,

In the indicator window, the Traders Dynamic Index (TDI) reached the 70.00 zone, suggesting ongoing buying pressure. In that case, the buying pressure is potent as long as the price trades above the 50.00 neutral line.

Based on the H4 structure, a downside possibility is potent towards the 6.203 to 5.608 zone, from where a bullish rejection could be a trend continuation signal.

However, a valid daily close below the 5.048 level could be a bearish opportunity, targeting the 4.000 zone.

TON/USD Intraday Price Action Analysis

TON/USD Intraday Price Action Analysis

 

The intraday H4 price shows an active bullish momentum as the current price trades above the visible range high volume level.

The dynamic 20 EMA remains below the current price with a valid bullish reversal from the 5.608 level.

Based on the H4 ton price prediction, a bullish continuation with an H4 candle above the 7.500 level could be a trend continuation signal, targeting the 10.00 level.

On the other hand, a bearish pressure and an H4 candle below the 6.203 high volume level could signal a trend reversal, targeting the 4.599 level.

Is TON/USD A Buy?

Based on the current Toncoin Price Analysis, TON/USD bullish pressure needs more confirmation before offering a trading opportunity.

As the current price is facing the intraday resistance level, the primary aim is to find a minor downside correction and bullish rejection from the near-term support level.

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