Toncoin Forms Bearish Channel with Targets of $6 or $2.50
Toncoin (TON) is currently trading at $2.66, showing a 4.18% increase in the past 24 hours. It has formed a descending channel with potential target prices of $6 in a bullish scenario and $2 in a bearish scenario.
Bullish and Bearish Targets
- If TON breaks resistance at $3, targets are estimated at $3.80–$4.
- A rally above $4 could push prices toward $6, contingent on increased volume and RSI recovery.
- If it breaks below the support at $2.50, the downside target ranges from $1.50–$1.80.
Supply on Exchanges
Recent data shows 140,000 TON moved to exchanges within the week, indicating possible selling pressure as investors may look to offload positions. Continued selling pressure could increase the risk of breaking below $2.50.
Blockchain Growth
- Over 3.1 million new wallets activated with 170,000–590,000 daily active wallets.
- Monthly trading volume is between $500 million and $700 million, with over 20 million to 30 million weekly transactions.
- Active developers increased by 40%, totaling 906 contributors.
- Manuel Stotz now leads TON's expansion efforts in the U.S.