TON Coin Price Today and Q4 2024 Predictions: Latest Update

Bittime - Toncoin (TON) has recently experienced significant volatility. Despite reaching new highs, TON has faced strong resistance and several sharp corrections.

This makes future TON Coin price predictions interesting for potential investors, especially for the fourth quarter (Q4) of 2024.

Here is the analysis of Niko Lazic from ccn.com

Also read How to Buy Toncoin (TON)

Latest TON Coin Price Analysis Today

TON Coin reached an all-time high price of $8.25 (Rp130,350) on June 15, reflecting an 8.7% increase since the previous peak on April 11.

However, this rise appears to be part of a correction wave, indicating the potential for further declines.

On August 5, the TON price dropped to $4.70 (IDR74,260), a point that had been a support level on May 1.

After that, the price recovered to $7.20 (IDR113,760) on August 14, but faced resistance that led to another decline.

On August 26, TON bounced off the $5 (IDR79,000) level and rose to $6 (IDR94,800) on August 28.

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However, prices remained within this range before finally dropping below $5 on September 3, indicating the end of the prolonged ABC correction.

The price movement started to recover on September 6, reaching $6.14 (IDR97,412) on September 28, and then corrected back to the support of $5 (IDR79,000) on October 9.

On October 26, TON hit its lowest point at $4.60 (IDR72,680), reflecting a 14% decline.

Currently, although the TON price is still above its major horizontal support, the price trend is questioning the previous bullish expectations.

Also read TON Coin Price Prediction 2024, 2025, 2030

TON Coin Price Prediction for Q4 2024

TON's temporary drop below the $5 level (IDR 79,000) forms an inverted head-and-shoulders pattern, which may signal a potential U-shaped price reversal.

From September 6 to 28, TON showed a five-wave upward movement that could potentially be an impulsive pattern, which was followed by a corrective ABC downtrend until the 0.786 Fibonacci level, where the price found support.

If TON manages to cross the descending resistance area, it could signal the start of the next bullish phase, with the potential for prices to return to above $7 (Rp110,600), possibly even surpassing the September high.

However, if the price drops below the $4.50 (IDR71,100) level, it is likely that the bearish outlook will be more dominant, with the next downside target around $3 (IDR47,400).

Also read HOT Wallet Integrated with TON, Opening the Door to a New World

Conclusion

Currently, TON Coin's price movements continue to attract market attention. Investors should pay attention to key support and resistance levels, as well as potential breakouts to capitalize on future price movements.

In the event of a resistance breakout, the price has the potential to rebound, but further declines below key support will strengthen the bearish outlook towards Q4 2024.

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https://www.ccn.com/analysis/crypto/ton-horizontal-support-downward-spike/