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Toncoin (TON) has declined by over 5% in the last 24 hours, as the asset has suffered the impact of the broader crypto market's altcoin correction. Despite this volatility, Ali Martinez, a renowned on-chain analyst, believes TON could still hit $5.30.
Toncoin's falling volume poses short-term risks
According to Martinez, if Toncoin maintains a price higher than $2.87, the bullish prediction remains on course. The technical analysis indicates that TON has the potential to rise to $5.30, supported by a rising trendline and positive community sentiment.
As of press time, Toncoin's price was trading at $3.13, representing a 5.07% decrease over the last 24 hours. The coin lost 13 cents as it slipped from an intraday high of $3.26 in earlier trading sessions.
Investors have also pulled back due to the altcoin correction triggered by the rising dominance of Bitcoin. In the Toncoin ecosystem, trading volume has dropped by a significant 53.94% to $336.14 million.
On the positive side, Toncoin’s Relative Strength Index (RSI) is at 58.91, which signals that the coin remains in neutral territory. This suggests that the price has room to increase. However, this might depend on the activities of whales in the ecosystem. If they decide to sell their holdings, it could increase the risk of liquidation.
Critical resistance zones and possible catalyst
For Toncoin to reach the predicted $5.30 level, a reversal from the current low volume is required. If market participants actively engage the coin, its value could gather enough momentum to climb above $3.30.
TON needs such momentum to flip the critical resistance between $3.57 and $3.60. Another psychological barrier for Toncoin is at the $4.00 level. A breach above this level might signal a breakout move to $5.30, as predicted by Ali Martinez.
Bullish sentiment, similar to the announcement of a 10-year golden UAE visa for ecosystem stakeholders, could act as a catalyst for a massive rebound.
Vladislav Sopov
U.Today Editorial Team