The leading cryptocurrency, Bitcoin (BTC), dropped from $69,000 to $66,000 after US announcements. This decline in Bitcoin also affected altcoins. After reaching its peak price of $7.87, the popular Toncoin (TON) is now aiming for a new target.
8 Dollar Target for TON
The Chaikin money flow, a metric influencing price, supports the altcoin’s rise. Additionally, the buying pressure above the CMF’s zero line indicates market dominance. Despite Bitcoin’s decline affecting the crypto market, data shows TON token maintained a relatively stable stance.
The Telegram-based altcoin, Toncoin, may make efforts to reclaim its approximately $8 target. The increase in Telegram Bot tokens also contributed to the rise of TON token. The recent increases pushed the market value of Telegram-based tokens beyond $1 billion.
TON Expectations
Meanwhile, the critical sentiment metric in tokens reached a two-month high for TON. This situation might support the narrative of Toncoin achieving gains beyond its all-time high set today. Experts suggest that if TON surpasses its ATH of $7.87, it could rise towards the $8 level.
If the mentioned level becomes a support base, TON could reach higher levels. However, profit-taking sales, common in rising tokens, might cause the altcoin to decline again. In such a scenario, the critical support level for TON is noted to be $7.07. If this level is lost, significant declines in the cryptocurrency may occur, invalidating the upward momentum mentioned above.
