Today, the value of Toncoin (TON) rose by more than 13.74 percent, and over the last week, it has risen by an incredible 26.88 percent.
Toncoin has gained 146% since its low of $0.75 on June 18, 2022, and is now trading at $1.85 at the time of writing.
Will Toncoin continue to appreciate during the bear market?
Toncoin price forecast 2022
Since the end of July, the Toncoin (TON) cryptocurrency has maintained a steady increase.
Toncoin has only lately attained significant popularity and a substantial trade volume.
Yesterday, the price of Toncoin skyrocketed to $2.14 and has since had a 14.2% retracement.
At the time of writing this article, Toncoin is trading within a descending channel and a breakout to the upside is possible.
If Toncoin is able to retest and break through the $1.86 resistance trendline, we may see bullish price momentum up to the next technical goal of $2.00.
Toncoin must maintain the $1.71 support trendline in order to prevent a loss of price structure and a potential continuation below.
Notably, as a result of the current positive momentum, the relative strength indicator indicates that Toncoin is now overbought, which could indicate that the bulls are losing steam and a negative reversal may occur.
Toncoin could retest yesterday’s swing high of $2.14 if it is able to overcome the $2.00 resistance level.
If this level is breached, the Fibonacci extension suggests a realistic technical price target for Toncoin in Q4 2022 of $2.25.
Huobi Global’s $1.5 Million TON Prize Pool
The buzz surrounding the Huobi Global centralized exchange’s partnership with TON may have acted as a price catalyst recently.
Here is the official Tweet promoting the huge event that will conclude at 12:00 UTC on September 17, 2022.
Huobi Global is launching a deposit event for TON where traders can make deposits to get a high rate of return.
Users must execute the TON spot transaction in order to qualify for the TON deposit quota.
In addition, it is claimed that Toncoin may soon be listed on the Binance exchange, which would result in tremendous exposure and organic volume for TON, as well as anticipated good price action.
According to Coinmarketcap, the market capitalization of Toncoin is $2.2 billion.
There are currently 1.22 billion TON coins in circulation out of a maximum of 5 billion.
Troncoin may experience a 5-10x increase during the next crypto bull run if sufficient protocol updates and marketing initiatives are implemented.
If you’re looking for a cryptocurrency that could 5-10x before the end of the year, Tamadoge could deliver.
