Looking at the chart above, it is clear that the price of TON fell by 30.68% from August 1 to August 5. At the same time, the global altcoin market (TOTAL3) experienced a similar decline during the same 4-day period. This discrepancy highlights that Toncoin’s depreciation was significant.
When a prominent asset like TON underperforms relative to the overall market, it is usually a sign that the asset is undervalued, largely due to an influx of liquidated leveraged positions. This scenario often attracts smart traders looking to capitalize on the asset’s recovery potential. The TON/USD chart is showing early signs of this trend.
Since the low on August 5, Toncoin price has recovered by 22.13% to trade at $5.45 on August 7. This difference suggests that investors are eagerly acquiring TON after its new 2024 low on August 5, putting it in position to outperform the market average as the recovery phase gains momentum.
Toncoin Price Prediction: Steady Upswing Towards $6.50
Toncoin (TON) price is currently trading above $5.40, around the 23.6% Fibonacci retracement level and pivot point, indicating a slightly bullish prediction. The price has bounced off the $2.43 support level and is moving towards the 50% Fibonacci retracement level at $2.85.
