The current situation is very similar to that of every other cryptocurrency. The market is yet to recover from the August crash. The likes of Bitcoin and Ethereum are testing a level to at least sustain a decent mark.
Analysts report that TON has rebounded by almost 22% since the crash, but they anticipate that the bullish phase has not yet begun. Therefore, even though the token has increased since its previous decline, the phase of constant gains is yet to happen.
TON is currently exchanging hands at $5.24, down by 0.16% in the last 24 hours. It further reflects a notable surge of 12.41% over the last 7 days. It was hovering around $6.2 as of August 14, 2024, and has since then shifted to bearish sentiments. The next target is $6.5, which could happen by the end of this year or even by the end of this month. Investors are holding on to their TON tokens with hopes that they will eventually fetch handsome profits.
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As the year approaches its final days, near-term predictions demonstrate that there is a possibility for one of the largest altcoins in the market cap to breach the milestone of $17.
When the market experienced a significant decline in the middle of August, TON’s performance was below average. This has significantly impacted its value. Its current volatility is 13.13%, with an FGI of 37 points. The Fear & Greed index shows that investors have a great deal of fear about diverting their funds to TON. The 50-day SMA is $6.09. It roughly translates to the fact that TON is undervalued at the moment. It is on the brink of a significant increase in value, as evidenced by near-term projections and the 50-day SMA.
The 200-day SMA does the same, with a value of $5.56 on its side. It only goes on to reflect that TON is aiming to surge in the times to come. A rise of more than 17% will take it closer to $17.37 in the next 30 days, per projections.
Despite the current price of $5.24, there is a possibility of a $6.5 increase. The bullish outlook indicates that it has bounced off the $2.43 support level and is in place to reach a 50% Fib Retracement level at $2.85. A break above that margin will allow TON to test the 61.8% Fib level for $3.07. Downsides are less likely to happen, but if they do, a $5 mark must come into play. If the TON’s price falls below that threshold, TON could experience a freefall.
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Positive momentum is gaining traction for the market as the Federal Reserve approaches the stage for a major public announcement. The only disappointment will be the less aggressive stance to reshaping the economy.
