The TON price plunged over 16% today amid broader crypto market crash. This is not super worrying for Toncoin holders considering Ethereum is down over 23%. This means TON is, for now, doing better than the largest altcoin during these bad days for crypto traders.
Toncoin is trading around $5 at press time.
Toncoin Price Forecast
As altFINS reported, despite the recent dip, Toncoin’s long-term trend remains positive as it trades above its 200-day moving average. The recent bearish breakout from a Rising Wedge pattern has pulled the price back to a critical support level of $4.75.
Interestingly, TON is now significantly oversold, with its Relative Strength Index (RSI) dropping below 20. This extreme oversold condition could present an attractive entry point for swing traders looking to capitalize on a potential rebound.
Technical indicators suggest a possible upside of 35% to $6.75, with a recommended stop-loss at $4.40. However, traders should exercise caution and set appropriate price alerts.
A recent fundamental research report on TON suggests an even more optimistic long-term outlook. Based on comparable valuations of other Layer-1 and Layer-2 networks, the report indicates a potential 80% upside for Toncoin.
While short and medium-term trends are currently down, the long-term trend for TON remains strongly bullish. Investors should keep an eye on key support levels at $4.75 and resistance zones at $6.75 and $8.30.
Read also: Kaspa Price Prediction: Analyst Targets $5, Claims KAS Solves Blockchain Trilemma
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
