Toncoin Price Prediction 2023: Can TON Hit $8 Price Target This Week?

Toncoin price experienced a substantial increase as the broader cryptocurrency market rebounded over the past several days.

After news recently broke that the coin secured clearance to be listed on Binance, long-term holders had a reason to celebrate.

However, on-chain metrics also showed increased supply outside of exchanges, meaning that TON has a higher chance of rallying further. At press time, the market price was $6.62. It is expected that the token would consolidate for a few days before bursting past the $$6.8 resistance zone. This was because of the trading volume during the recovery from $4.75 in the past week.

The A/D indicator jumped higher to reinforce this bullish possibility. However, the CMF was still not above +0.05, showing that buying pressure needs to be consistently high to drive a rally. This could take a few days. The MACD formed a bullish crossover below the zero line, indicating weak bearish momentum overall.

The market structure was also bearish, but a daily session close above $6.89 would flip this bullishly.

AMBCrypto noted that there were sizeable liquidity pools at and above the $7 mark. The %6.94, $7.27, and $7.6 levels are the next liquidity targets for TON.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Akashnath Sumukar works as a Senior Journalist at AMBCryPTO.

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