Toncoin Crypto Price Prediction - Will TON Continue to Pump?
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Toncoin has been on an absolute rampage whilst the remainder of the crypto markets bleed out against the recent bearish price action of Bitcoin.
Over the last week Toncoin crypto has surged over 47% in price topping out at roughly $2.90.
Today, Toncoin is trading at roughly $2.45. Will there be more positive price momentum?
Layer 1 infrastructure tokens are often known for their wild price action and bullish, Toncoin is one of them.
According to Coinmarketcap Toncoin is now ranked #22 amongst other cryptocurrencies and is up against Bitcoin by 6.77% on the daily time frame.
With a market capital of $2.9b it seems Toncoin might be fighting for a top #20 position in the blockchain markets.
Most of the trading volume has come from centralized exchanges such as OKX, DigiFinex and Huobi - Toncoin is not even listed on Coinbase or Binance yet and we are still seeing extremely bullish price action.
The chart above reflects that Toncoin had been trading in a symmetrical triangle for quite some weeks prior to the bullish break out we have recently seen.
Should Toncoin be able to maintain bullish price momentum we might see the price climb up to key Fibonacci target levels between $3.12 and $3.38 though with the bearish sentiment across the crypto markets right now the chance of a correction or retracement is much higher.
$2.16 serves as a key level of support at the moment and it is imperative that Toncoin can hold this particular support level to avoid negative continuation to the downside.
It is also worth noting that Toncoin is overbought across the relative strength index on the daily
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