$TON Price Analysis: 108% Surge Pontential On Pavel Durov Comments - CoinGape Analytics

The price of the asset is currently in a corrective wave after a significant uptrend that peaked at around $8. TON price retraced to around the 61.8% Fibonacci retracement (Fib) level, which often acts as a strong support zone. TON currently eyes support around $4.5–$4.7 range. A break below this support could usher the price into the 78.6% Fib-level support around $3.5.

Conversely, the TON price may encounter immediate resistance at $7, which aligns with the 23.6% Fib level. Beyond this, the Toncoin price may surge to the 27% Fib extension level, around $10. This would be a 108% increase from the current price. Toncoin price has been wavey over the last few weeks since Durov’s arrest. The price chart can also be seen to form a rounded top, which is usually a bearish reversal pattern. However, this may not bear fruit as on-chain metrics support a bullish stance.