Toncoin ($TON) Shows Bullish Trend: Heading to New Highs with Potential for $20 and Above?

Toncoin ($TON) Shows Bullish Trend: Heading to New Highs with Potential for $20 and Above?

Toncoin ($TON): Positive price development and technical potential

The price of Toncoin ($TON), the native token of The Open Network (TON), is showing promise after a significant bullish development in the last few days. According to the latest information from CoinMarketCap, the current price is $3.75, up 4.04% in the last 24 hours.

Market capitalization and trading volume

With a market capitalization of $9.31 billion, Toncoin is currently the 12th largest cryptocurrency on the market. Trading volume has increased by a significant 37.33% over the same period and now stands at $149.179 million. This increased interest from investors could be seen as a positive indicator for the future development of the token.

Technical analysis and support levels

Technical analysis shows that Toncoin could see positive price action if the price remains above key support levels. Crypto analyst Crypto Patel said in a tweet that a crucial support level is located at $2.50. At that time, Toncoin's price was moving in a range of $2.50 to $3.50.

The analysis suggests that the uptrend will continue to remain intact as long as the price stays above the $2.30-$2.50 range. Patel also highlights that if stability is achieved above the $3.50 level in the short to medium term, it could lead to a potential rise to $20.

Potential price targets and risks

In his tweet, Crypto Patel highlights the potential for a long-term price breakout. Possible price targets are between $20 and $100. This suggests a significant price increase if the uptrend continues.

However, it is important to consider the critical levels. A reading below $2.30 could jeopardize this positive assessment and lead to the risk of a sharper decline.

Conclusion

Toncoin ($TON) is making an impressive price rise and is showing promising technical signals. While the current price level of $3.75 gives investors hope, it is crucial to closely monitor the support levels to properly assess the token's future trajectory.