Toncoin (TON) Price Prediction for June 5

06/05/2024 21:19
Toncoin (TON) Price Prediction for June 5

How powerful is price of Toncoin for continued upward move?

Original U.Today article

Toncoin (TON) Price Prediction for June 5

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The decline has not lasted long, as most of the coins are in the green area, according to CoinMarketCap.

Top coins by CoinMarketCap

TON/USD

The price of Toncoin (TON) has risen by 4.95% over the past 24 hours.

Image by TradingView

Despite today's rise, the rate of TON is trading near the local support of $7.22. If the bounce back does not happen by the end of the day, there is a chance to see a decline, followed by a move to $7.

Image by TradingView

On the bigger time frame, bears are also dominating over bulls. If the daily bar closes around current prices, the correction may continue to the $7 area until the end of the week.

Image by TradingView

From the midterm point of view, the rate is in the middle of a wide channel, which means none of the sides has seized the initiative yet. 

Related

Thus, the volume has dropped, confirming the lack of buyers' and sellers' energy. All in all, sideways trading around $7 is the more likely scenario.

TON is trading at $7.2527 at press time.

About the author

article image

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at [email protected].

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