Toncoin Price Stagnates In Range: Will It Smash $6 Hurdle?

• With a price barrier of about $6, Toncoin is trying to break through.
• There are new efforts to revitalize the ecosystem’s growth.

Toncoin (TON) has faced resistance around the $6 mark. The token has aimed for a breakthrough. Yet the bull run remained ambitious, and the altcoin hovered in a narrow range.

With TON’s ecosystem expanding, altcoin JetBolt (JBOLT) is adding to the market with the new zero-gas technology. It had a very successful presale campaign of over 66 million tokens sold.

These developments from JetBolt are some of the effects that are likely to cause waves in the crypto market. These developments involve easy staking.

At press time, the Toncoin price traded at $5.67. That noted an intraday rise of over 2.30%. It has crossed the 100-day EMA mark and climbed the key EMA lines, guiding the bullish stance. It ranked 13th among the top crypto coins and boasted a market cap of $14.42 Billion.

Analysts See 66% Upside Suggesting Breakout Soon

The Toncoin price has experienced a slight increase in its value over the past 24 hours. Despite this, investors were waiting for a breakout move.

A recent tweet by ZAYK Charts shared that Toncoin has moved within a falling wedge pattern. Moreover, it was edging closer to a breakout.

$TON Falling Wedge Formation in 1D Timeframe✅

Breakout Soon✍️🔥#TON pic.twitter.com/NkNDvq7C6R

— ZAYK Charts (@ZAYKCharts) November 21, 2024

In case of a successful break beyond the $6 mark, it could rise 66% beyond the $9 mark in the following sessions. Moreover, Mr. Satoshik highlighted that TON crypto is expanding its footprint in the USA. Also, it is looking for a TON Society executive for marketing, events, and media.

TON: USA, $, DOGS, NOT.$TON — is expanding its footprint in the USA, and as such are looking for a TON Society executive:

> marketing, events, media — all will now be rocking the USA market.

$ — TON Foundation head has set a goal of reaching $10 billion in stablecoins on TON… pic.twitter.com/CRvG2NI671

— Mr. Satoshik (@MrSatoshik) November 23, 2024

This comeback was positive news for Toncoin. That made a strong return in the U.S. Also, TON’s growth potential looks promising and could achieve further milestones. With the significant development in the ecosystem, market participants were expecting a breakout ahead.

Toncoin Price Prediction: Is a $6 Breakout Imminent?

Toncoin price prediction indicated a possible breakout in the coming sessions. A golden crossover between the 20-day and 50-day EMA suggested an upward momentum ahead.

However, the road to the $10 mark was still challenging for the bull army. Amidst the lack of volume spurt, the altcoin was hovering close to the 50% Fib retracement level. Furthermore, it failed to generate upward thrust.

The Relative Strength Index (RSI) line approached the overbought zone, 62 at press time. That replicated signs of accumulation on the chart. However, indecisiveness was observed on the ADX indicator, as the value still consolidates around the 32 levels.

A break above the $6 mark would clear the path toward the $8 and $10 mark for the coming sessions. The Know Sure Thing (KST) indicator showed signs of making higher highs and higher lows. That signaled a potential trend reversal to the upside could be imminent.

Looking at the derivatives data, the Open Interest (OI) has risen over 10.68% to $242 Million. The funding rate stood around 0.0559%, representing the bullish cues. The immediate support zones were $5 and $4.30. At the same time, the resistance levels were $6.20 and $7.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.