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Toncoin (TON) Price Prediction for June 5

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Wed, 5/06/2024 - 14:19
Toncoin (TON) Price Prediction for June 5
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The decline has not lasted long, as most of the coins are in the green area, according to CoinMarketCap.

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Top coins by CoinMarketCap

TON/USD

The price of Toncoin (TON) has risen by 4.95% over the past 24 hours.

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Image by TradingView

Despite today's rise, the rate of TON is trading near the local support of $7.22. If the bounce back does not happen by the end of the day, there is a chance to see a decline, followed by a move to $7.

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Image by TradingView

On the bigger time frame, bears are also dominating over bulls. If the daily bar closes around current prices, the correction may continue to the $7 area until the end of the week.

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Image by TradingView

From the midterm point of view, the rate is in the middle of a wide channel, which means none of the sides has seized the initiative yet. 

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Thus, the volume has dropped, confirming the lack of buyers' and sellers' energy. All in all, sideways trading around $7 is the more likely scenario.

TON is trading at $7.2527 at press time.

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