• TON has been stuck in a tight range below $7
• Can the altcoin break out from the sideway trend? 

Since mid-August, Toncoin [TON] has been trading within a tight price range. The relief bounce on Friday, the one that saw Bitcoin [BTC] tap $64k, didn’t stir much action on the price charts for TON. In fact, it was still stuck within the range of the $6.4 and $7 price levels. 

However, in light of the crypto market sentiment improving into the weekend, which levels should TON speculators watch out for? 

Will TON break from the sideway trend?

On the higher timeframe charts, the 200-day SMA (Simple Moving Average) has been a key level for price rejections, thrice since mid-July. This makes it a key dynamic resistance level. At the time of writing, the dynamic resistance level aligned with the 38.2% Fib level ($7). 

In short, $7 is still crucial resistance level for traders in the near term. By extension, the price chart readings leaned towards a possible extension of the sideway structure. This outlook was further illustrated by fluctuating demand, as shown by the RSI (Relative Strength Index) whipsawing between neutral and 60-point levels. 

However, recent price action also chalked a local bottom, with the 200-day SMA as the neckline resistance. The pattern is a typical bullish formation, a possible breakout could push TON to the 23.6% Fib level ($7.45). If the bulls hit the target, that would be an extra 7% gain.  

Key targets based on liquidity clusters

As per Coinglass liquidity data, TON had key liquidity clusters (bright orange levels) at $7.3, $6.3, and $6.0. There was more liquidity above $6 than at $7.3. These levels could be key price inflection points. The location of liquidity on either side of the price action also further supported the notion of a sideway structure. 

Read Toncoin [TON] Price Prediction 2024 -2025 

Finally, TON’s network activity recorded slow growth, as denoted by the near-flat active addresses since 17 August. The slow network activity signaled users’ little interest in the altcoin, which could undermine a strong recovery. 

However, BTC’s extended rally could spur TON’s value, invalidating the aforementioned neutral outlook. So, it is worth tracking the king coin’s movement too. 

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion