Toncoin (TON) Price Consolidation Sets the Stage for an Explosive Move
- Toncoin (TON) remains stable despite the markets bullish surge, signaling a potential breakout.
- Key support at $2.50 has enabled accumulation, keeping the bullish structure intact.
- A breakout could push TON toward $20, $30, or even $100.
- Dropping below $2.30 may trigger a bearish trend.
The cryptocurrency market is experiencing a strong bullish phase, with several altcoins surging in value. However, Toncoin (TON) has remained relatively stable, showing resilience despite the excitement in the broader market. This phase of consolidation has sparked speculation that TON could be gearing up for a major breakout.
At the time of writing, Toncoin is trading at $3.61, with a 24-hour trading volume of $249.58 million. The token has a market cap of $8.94 billion, holding a market dominance of 0.31%. While its price has dipped by 0.87% in the last 24 hours, the overall technical outlook suggests that a strong move could be on the horizon.
Toncoin Technical Setup Suggests a Potential Breakout
Market analysts believe that Toncoin is maintaining a bullish structure after bouncing from a key support zone at $2.50. This level has played a crucial role in stabilizing the price and allowing accumulation.
As long as TON holds above the $2.30$2.50 range, its bullish outlook remains intact. Some long-term projections suggest that if a breakout occurs, TON could target price levels of $20, $30, or even $100.
On the other hand, if the price drops below $2.30 and fails to reclaim it, a bearish trend could take over. Investors are closely monitoring Toncoins movement, waiting for confirmation of its next major move. With the markets bullish sentiment and TONs consolidation phase, traders are speculating whether this is the calm before a powerful surge.
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Read more: https://www.tronweekly.com/toncoin-ton-price-consolidation-sets-the-stage-for-an-explosive-move/
Text source: TronWeekly
