Despite TON’s underperformance throughout Saturday, the reversal continues and traders expect TON to rise by another 50%. Indeed, the token is expected to ride a bullish wave and may even edge closer to the crucial $6 level.
Cryptocurrencies have been quite volatile in recent months, especially after the arrest of Telegram CEO Pavel Durov, which caused a major drop in their prices. However, his release has sparked renewed optimism, and this sentiment may be what drives Telegram to make a major statement in September.
Also Read: Toncoin Trading Volume Surges 148%: Is $5 Just the Beginning?
TON Aims for 50% Rise as Bullish Momentum Gains
Toncoin’s value plummeted in late August, when the controversial arrest of Telegram founder Pavel Durov had many holders fearing the worst, but now that he has been released, the asset is set to continue its impressive recovery.
According to CoinMarketCap, TON has risen by over 9% in the past seven days, and it’s only continuing to rise: in the past 24 hours, the token has risen by over 5.5% to reach its current price of $5.36.
It may just be the beginning. Toncoin continues to reverse and there may be no end in sight. Bullish momentum is poised to push TON another 50% higher. The token has been trading in a descending channel pattern since the Durov announcement. Bullish indicators are good news for the token.
Related article: Toncoin rebels as Telegram founder breaks silence on arrest
The exponential moving averages at 50 and 200 indicate that the price of TON is stabilizing, which is usually a good sign of continued bullish sentiment regarding a particular cryptocurrency. Additionally, the Moving Average Convergence Divergence (MACD) is showing bullish convergence on the last day timeframe, which could be a sign that the price is continuing to rise.
The question is, how much higher it can go? $5.15 is a key support and could open important doors for TON. If it can be broken above this, the next key resistance is $6.14, which is another important level in the short term.
If all goes well, TONCOIN will target a rise to $7.68, where it will face the threat of a bearish reversal at the key resistance level. Although optimistic, it could surpass that forecast, in which case the next upswing would see it challenge the all-time high of $8.
