Toncoin (TON) Ready to Skyrocket ?
The recovery of Toncoin (TON) is part of the slight bullish trend in the crypto market as a whole and in the recent developments involving Telegram’s founder, Pavel Durov.
A technical analysis of the weekly chart of Toncoin shows that the price has remained within a long-term bullish channel since the 2021 bull run. However, after a strong rejection at $8.28 in mid-2024, TON underwent a brutal correction, eventually testing the ascending support level at $2.90.
It thus tested the lower parity of its Mean Reversion Channel, surpassing the 50-day moving average. TON has now bounced up to the $4.0 range, where it is currently testing the crucial 100-day moving average (100 MA). This level has historically acted as a strong support zone, previously triggering a massive 300% price increase for TON.
How Far Can TON Go ?
Subsequently, TON could target its 200-day MA at $4.9. A breakout above it could trigger a wild rally of the TON token. However, it will need to sustain above it.
The MACD (Moving Average Convergence Divergence) indicator is currently attempting a bullish crossover, a signal that often precedes a strong bullish momentum. If TON manages to rise above the 100 MA, it could confirm a new upward trend, potentially pushing the price towards the mid-channel resistance, around $5.48.
Moreover, Ichimoku has turned green on the daily. In this context, if BTC and the market remain bullish, TON should target its protected high at $6.12. If this smart money-protected resistance is broken, then TON could embark on a bullish rally of over 300%.
In conclusion, with TON rebounding from a key support, the potential bullish signal from the MACD, and significant resistance levels in sight, the coming weeks could be crucial for the direction of Toncoin’s trend. If a breakthrough occurs, it could mark the beginning of a broader bullish trend towards higher resistance levels. However, a failure to hold above the 100 MA could lead to further consolidation.
How to Buy Toncoin (TON) on Weex ?
If BTC manages to bounce back, TON could trigger a 23% rally up to its moving average at $4.9.
Toncoin (TON) is available on the Weex exchange. Here is a practical guide for buying TON before the potential surge of the Telegram token:
- Create a Weex Account: Visit the official Weex website and sign up with your email or phone number.
- Complete KYC Verification: Submit an ID document and, if required, proof of address to pass the KYC verification. This quick step is necessary to access all options.
- Fund Your Wallet: In the “Deposit” section, add funds with cryptos (USDT, BTC, etc.) or via fiat (bank transfer, card, as available). Follow the steps to finalize the deposit.
- Access the Trading Market: Head to “Trading Spot,” search for “TON” in the search bar, and select the TON/USDT pair.
- Make the Purchase: Opt for a market order for an immediate purchase or a limit order to set a specific price. Enter the desired quantity of TON, verify, and confirm.
