Toncoin ($TON), the token of The Open Network, draws attention with forecasts of a possible price increase of at least 40%. Technical analyst Ali @ali_charts highlighted the token's breakout from a symmetrical triangle.
Current Analysis of Toncoin
According to the latest data, Toncoin ($TON) could rise to $2, representing a significant potential upside from current levels. At the time of analysis, the price of $TON is around $2.97. The symmetrical triangle formed on the chart often precedes major price fluctuations.
Impact of Market Factors on Price
The bullish prediction is backed by a recent study in the Journal of Finance, indicating breakouts from such patterns can yield gains ranging from 20% to 40%. This outlook is supported by market incentives, such as the MEXC event offering zero-fee trading and futures bonuses.
Risks and Strategic Price Levels
Despite the optimistic outlook, the cryptocurrency market remains volatile. Toncoin ($TON) has experienced a 2.1% drop in the last 24 hours and a 7.7% decline over the past week. Key support levels stand at $2.90 and $3.50, where price changes may occur. A failure to hold above $2.90 could see prices fall to $2.40.
In this context, Toncoin ($TON) presents an interesting object for observation, combining risks with growth opportunities. Future updates from platforms and analysts will help monitor the evolving situation.
