Despite Toncoin’s poor performance throughout Saturday, its reversal has only continued, with traders projecting TON to increase another 50%. Indeed, the token could be supposed to ride a bullish wave. Moreover, it could jump ever closer to the key $6 mark.
The crypto had quite a volatile few months. Specifically, it dropped notably due to the arrest of Telegram CEO Pavel Durov. Yet, his release has sparked newfound optimism. Subsequently, that sentiment could be the catalyst TON needs to make an important statement in September.
Also Read: Toncoin Volume Soars 148%: Is $5 Just the Beginning?
TON Eyes 50% Surge as Bullish Momentum Picks Up
In late August, Toncoin plummeted in value. The controversial arrest of Telegram’s founder, Pavel Durov, had many holders fearing for the worst. Yet, with his release now in the rearview, the asset is looking to continue what is an impressive rebound.
Over the last seven days, TON has increased more than 9%, according to CoinMarketCap. Moreover, it has only continued gaining. In the last 24 hours, the token has increased more than 5.5% to reach its current price of $5.36.
That may only be the beginning. Toncoin has continued a reversal that may have no end in sight, with bullish momentum looking to drive TON another 50%. The token has been trading in a descending channel pattern since Durov’s release. The bullish indicator is good news for the token.
Also Read: Toncoin Rebounds as Telegram Founder Breaks Silence on Arrest
The exponential moving averages 50 and 200 show a stable price for TON. That is typically a good sign for continued bullish sentiment regarding a specific crypto. Additionally, the Moving Average Convergence Divergence (MACD) is showing a bullish convergence in the last-day time frame. This could be sign of continued growth for the price.
The question now is, just how high can it grow? $5.15 is a crucial support, that could open up important doors for TON. If it can break through, its next key resistance lies at $6.14, which would provide another key level in the near term.
If all goes well, Toncoin would then be targeting a trip to $7.68, with a bearish reversal threatening at that key resistance. Although optimistic, it is possible it even outperforms that projection. In that case, it would be challenging its $8 all-time high on its next upward move.