According to U.Today, Toncoin, the cryptocurrency backed by one of the world's largest messaging applications, has been showing a remarkable performance in recent weeks. Its price has hit the long-awaited target and continues to trend upwards. There are three potential scenarios for how things may unfold next.
The first scenario suggests that Toncoin's upward trend will persist. The price is consistently moving above the 50-day and 200-day moving averages on the chart, indicating substantial support. This positive momentum is further bolstered by the recent breakout above $8 and increasing trading volume. If this trend continues, TON could reach new highs and aim for $9 or even $10 in the near future. The confidence of investors, bolstered by the strong performance of the Telegram ecosystem, is another factor to consider.
The second scenario involves Toncoin entering a consolidation phase. After reaching the $8 mark, the price may stabilize and move within a more restricted range, potentially establishing a new base at this level. This phase is crucial as it allows the market to digest recent gains and could prevent a sharp price drop. During this period, trading volumes may be smaller than during the previous surge, and the price may fluctuate between $7.50 and $8.50. This situation could be beneficial for Toncoin's long-term growth and set the stage for future uptrends.
The third scenario is a bearish one, predicting a price pullback and correction for TON. The recent surge may prompt short-term profit-taking, leading to a temporary price drop, even though the overall trend remains bullish. If the price dips below the $8 support level, it could test the next significant support at around $7.