In recent weeks, Toncoin (TON) has shown significant growth, attracting investor interest. Let's examine the main reasons behind this increase and potential price targets.
Reasons for Toncoin's Surge
The recent price surge of Toncoin can be attributed to a combination of factors: market recovery, increasing interest in the Telegram ecosystem, and positive trends across the altcoin sector. Additionally, Toncoin has broken above key resistance at the $3 level and is currently trading around $3.18, which is up 25% from the July lows.
Technical Analysis: What Does the Chart Say?
The Toncoin chart shows a sequence of strong bullish candles without long lower wicks, indicating trend strength and buyer dominance. Key observations include the resistance zone around $3.20-$3.35, with potential further upside towards $3.50 and $3.76. The current RSI stands at 65.30, indicating room for further gains.
Toncoin Prospects: Can It Reach $4?
Based on applied Fibonacci extension levels, Toncoin could reach the $4.08 mark, representing a technical upside potential of ~28% from the current level. The short-term target is $3.35, the mid-term target is $3.76, and the high-conviction target is $4.08. However, it's crucial to monitor the support level at $3.00 and the possibility of a correction.
Given the current momentum and bullish technical structure, Toncoin is likely to continue on its upward trajectory. However, investors should remain cautious of key support levels and potential correction signals.
