The Toncoin price prediction which I made last month, has been perfectly met, as the price has precisely hit my price target of $2.65. This bullish price action has caught the attention of many investors as TON crypto outperformed most of its peers this week.
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TON coin had a major correction in October as the crypto markets faced a pullback. However, the recent surge in Bitcoin price has flipped the outlook for Toncoin bullish once again. At the time of writing, the price is attempting to break above the range highs of $2.65 after having a brief pullback from the daily high of $2.72.
TON Becomes The Fastest Blockchain
In one of the most recent developments for the TON blockchain, it has become the fastest and the most scalable blockchain in the world. These claims have been recently made by the official X (Twitter) account of the project in the following tweet.
According to the official announcement from the team, the record for being the fastest and the most scalable blockchain has been validated and confirmed by CertiK. However, it is still worth mentioning that most blockchains have to significantly compromise on decentralization in order to achieve high speed and scalability.
TON/BTC Hits Major Resistance
In the last couple of weeks TON/BTC pair has gained 25%. This means that TON price has outperformed Bitcoin since 29th October. This bullish Toncoin price action could be due to the recent correction in the Bitcoin dominance which has led to an increased interest in the altcoins.
The Bitcoin dominance is now standing at 52.79% after surging above 54.3% at the end of October. This suggests that the traders are putting their Bitcoin profits into altcoins like TON, which are high-risk and high-reward bets.
Read This : Cetoex Made Easy 8-Step Guide to Buying Crypto.
Toncoin Price Prediction
Technical analysis reveals that the TON/USD pair is at a critical resistance level after a massive surge from the range lows. The pair is struggling to break above the range highs around 2.65. However, considering the momentum behind the ongoing bullish move, I won’t be surprised if TON crypto breaks above this level in the next few days.
Toncoin price prediction will remain bullish as long as the TON/BTC pair avoids a lower low on the daily chart. Considering the market conditions, bulls may target the $3 level in the coming days.
However, I won’t be surprised in case of a rejection from the current levels. Therefore, it is better to wait for the price to break $2.65 if you missed the recent bullish move.
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