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Bitcoin price fluctuations continue to be positive, and TON Coin investors are benefiting greatly. The cryptocurrency project, which distanced itself from Telegram due to regulatory pressure, has risen significantly with the announcement of its latest integration. It even surpassed Solana and became the ninth largest cryptocurrency.
Why is TON Coin (TON) Increasing?
TON Coin price has increased its upward momentum as it surpassed the declining resistance line on the technical front. On the other hand, the integration announcement with Telegram formed the basis of the rise. The target of the ongoing rally is the $2.97 peak and the RSI data indicates that the rally will continue. Elliot wave count indicates that a peak will be reached soon.
Since December 2022, TON price has fallen below a declining resistance line after reaching a local high of $2.97. The decline opened the door to a bottom of $1.02 on June 10.
TON Coin Price Prediction
TON formed a higher low at the beginning of August and then accelerated its rise. On September 15, it successfully surpassed the declining resistance line of 270 days. The next day, it reached a high level of $2.54. So, what does the current price outlook indicate? It is not surprising that the price of TON Coin will reach a new peak soon, as it is most likely in the fifth and final wave of a five-wave upward movement.
According to the count, TON price is approaching the end of the fifth wave. A possible target for the peak is $2.77. The target is found by reflecting the length of the first and third waves to the bottom of the fourth wave. After the upcoming new peak, a bottom between $1.77 and $1.97 can be seen. This will likely coincide with the retesting of the long-term declining resistance line.
In conclusion, the most likely prediction for TON Coin is a movement towards the highest level of $2.97, which was seen in December 2022. If the bulls cannot maintain momentum, an early peak at $2.77 is also possible. In a scenario where this level is lost, a new bottom can be formed around $1.77.
For now, TON price can continue its rise and is currently gaining over 5%.
