Can TON Price Recover Soon Or A Bigger Fall Is Inevitable?

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As an experienced analyst, I have closely watched the TON price movement since March. While TON has shown significant growth, reaching a peak that was three times its value just a few months ago, it is currently experiencing instability and volatility. The price hovers around $6, showing only slight gains in the past 24 hours and the week.

Since March, Toncoin has consistently gained traction with only a minor dip to $4.61 around early May. However, following a significant peak formation, the coin’s price not just rebounded but surged over three times its value from three months prior.

Currently, the TON price is experiencing significant volatility, with the value oscillating between $6 and $6.7 instead of climbing above the anticipated $7 threshold as previously forecasted. At present, Toncoin is being traded at $6.36 in an attempt to bounce back from this market turbulence.

In the past 24 hours, the price has barely lifted by 0.14%, and the same is the case for the week’s data, indicating the ups and downs of the TON price. 

So will the TON price recover, or will it fall any lower? Let us discuss that in this blog.

Factors That Will Decide The TON Price

As an analyst, I would say: The buzz surrounding Toncoin is significant, and its price movement will depend on various factors. One such development is Telegram’s latest interaction with the TON network, which involves the launch of a new token, Stark, for bot and mini-application payments on their social media platform.

Starting on June 12, The Stark token will be available for purchase through the App Store and Google Play Store. However, there is a 30% service fee applied to all transactions. Notably, this fee will be converted into TON, which could potentially boost the value of TON in the market.

#TON is launching a new token for Telegram internal payments
Some major news outlets have announced that Telegram is planning to introduce its own digital currency, named Telegram Stars, for purchasing digital items within the platform’s bots.
Multiple complaints from Apple led to this choice, as they forbid… (sharing the image from the tweet) pic.twitter.com/itnMcZkF0j
— Web3_Vibes (@W3Vibes) May 23, 2024

Alternatively, TON‘s Exchange Inflow has risen significantly recently, suggesting strong demand from sellers in the cryptocurrency market. Furthermore, there has been a noticeable decrease in TON’s supply on exchanges, which is yet another sign of selling activity by investors.

The TON price chart indicates a similar trend, as the price has been trapped in a repetitive pattern without any significant advancement for the past week.

Will TON Recover or Fall?

In contrast to the widespread optimism about cryptocurrencies driving market growth, TON faces a higher risk of dropping based on technical analysis. The bearish trend is evident in the Toncoin price charts as indicated by a decrease in the MVRV ratio and a significant decline in the Money Flow Index (MFI).

To round off, the Relative Strength Index (RSI), an indicator suggesting overbought or oversold conditions in a security, is mirroring the downward trend and forecasting a possible price drop to $5.9 or possibly lower if this trend persists.

As a crypto investor, I’m keeping a close eye on TON‘s price action. If this token manages to break above its current support level, it could be on track to reach $7 before surpassing its all-time high (ATH). Furthermore, some analysts are predicting an even more significant price surge for Toncoin, potentially hitting the $10 mark in the near future, given May’s strong performance and the possibility of an altcoin rally.

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2024-05-27 13:04