Toncoin (TON) crypto jumped over 13.74% today and over the past week it is currently up 26.88%.
Since bottoming out at $0.75 on June 18, 2022, Toncoin is still up 146% and trading at $1.85 at the time of writing.
Will the Toncoin crypto continue to pump throughout the bear market?
Toncoin Cryptocurrency Price Prediction 2022
Since the end of July, the Toncoin (TON) crypto has maintained a steady pace amid a strong uptrend. It is only recently that Toncoin has received significant traction and significant trading volume.
Yesterday, the price of Toncoin climbed to $2.14 and has since experienced a 14.2% retracement. At the time of writing, Toncoin resides in a descending channel and could possibly see another breakout to the upside.
If Toncoin were able to retest the $1.86 resistance trendline and break through it, we could see positive price momentum until the next technical target of $2.00.
It is essential that Toncoin can hold the $1.71 support trendline to avoid a loss of price structure and a possible downward continuation.
It should also be noted that following the recent bullish momentum, Toncoin now looks overbought on the Relative Strength Index, this could mean that the bulls are lacking in morale and a bearish reversal could take place.
The result of Toncoin’s ability to break above the $2.00 resistance level could indicate that Toncoin may retest yesterday’s high of $2.14.
If this level is breached, the Fibonacci extension shows that a pragmatic technical price target would be $2.25 for the Toncoin crypto by Q4 2022.
Huobi Global joins TON’s $1.5M prize pool
A recent price catalyst could be the hype associated with Huobi Global’s centralized exchange partnership with TON.
Here is the official Tweet highlighting the major event which will end on September 17, 2022, 12:00 UTC.
Houbi Global is launching a deposit event for TON where traders can make deposits to enjoy high yield interest.
To be eligible, users must complete the TON cash transaction to obtain the TON deposit quota.
On top of that, Toncoin is also rumored to be launching soon on the Binance exchange, which would create massive exposure and organic volume for TON and most likely positive price action.
Crypto video analysis of Toncoin
According to Coinmarketcap, Toncoin has a market capital of $2.2 billion. Currently, 1.22 billion TON coins are in circulation out of the maximum supply of 5 billion.
With enough solid protocol upgrades and impeccable marketing efforts, we could definitely see Troncoin do a 5-10x by the next crypto bull run.
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