$TON Price Prediction: Should You Buy Before the 15% Rally? - CoinPedia Analytics

Despite the ongoing consolidation, TON has formed a bullish descending price action pattern on the four-hour chart. It is currently trading within a narrow range, signaling a possible breakout soon. According to expert technical analysis, TON is holding at a critical support level of $5.08. For the past 20 hours, it has been consolidating between $5.10 and $5.24. If TON breaks out of this consolidation zone and closes a four-hour candle above the $5.30 level, it could potentially surge by 15%, reaching $6. However, if bearish sentiment prevails and TON closes below the $5.08 support level, a significant sell-off could follow. Currently, TON’s Relative Strength Index (RSI) is in oversold territory, indicating a potential reversal from downward to upward momentum.

At the time of writing, TON is trading near $5.20, experiencing a 2% drop in the last 24 hours. However, trading volume has surged by 25% during the same period, indicating increased interest from traders and investors despite the recent price decline. On the other hand, TON’s open interest has decreased by 2% in the past 24 hours, according to on-chain analytics firm CoinGlass. This drop suggests that traders might be apprehensive due to the prevailing bearish market sentiment.