Bitcoin remains as the leading and most recognized digital currency. The current rally in the price of the Toncoin token could take the currency to the $3 barrier before the end of 2023.
An inevitable question in the current situation of the cryptocurrency market has to do with the TON token. Knowing whether Toncoin price will reach $3 with the momentum of the current rally seems essential for investors. The rise of this project looks overwhelming.
However, there are doubts whether the current momentum is sustainable or a correction is coming soon. The Chinese proverb that no tree can grow to the sky is one that best suits risk assets. In that sense, the magnitude of the TON rally does not seem like an exception.
Either way, analysts remain divided on what the price top will be before the correction. Likewise, there is debate about the depth of the price decline after the current impulse. The latter will depend on the balance between committed investors and speculators.
This is the Toncoin Price Rally
The fact that the Toncoin price is on the rise is not surprising at all. So far this year, especially in recent months, its rise has been meteoric and its interruptions have not been traumatic.
This raises hopes that the current rally is organic and the expected correction is not larger. In any case, the most optimistic analysts expect the currency to comfortably reach $3 per unit before the end of the year.
Currently, the value of TON is $2.49 per token, according to data from the CoinMarketCap portal. Thus, within one month, its performance exceeds +87% and almost +44% in the last 7 days. Despite this, its performance so far this year is not so explosive, given that in January its price was $2.30.
However, during the June fall, the currency dropped to $1.20 from where the meteoric rise of the second half began. From there it touched the $2 barrier at the beginning of the month, from which it was rejected in a massive sale until Monday, September 11.
TON’s decline culminated with a low of $1.02 on June 10. On September 15, after remaining in effect for 270 days, the TON price broke the descending resistance line. The surge came shortly after the TON wallet went live on Telegram, gaining visibility among 800 million users.
From Average to Top Project
Another notable element that the current TON rally brings is that the currency considerably improved its category. From being considered a mid-market capitalization project, it now enters the top 10 of the most important in the world.
It occupies position 9 in that ranking after removing Tron from the top and moving Solana to position 10. According to specialized media analysts, the price of Toncoin will soon reach $2.64 per coin. Meanwhile, the $3 barrier will be overcome without major problems before the end of the year.
From the BeInCrypto portal they are a little more conservative and consider that although the currency can reach $3 dollars, there are also dangers. Thus, if the current rally is not able to sustain itself, the value of the token could fall to the range of $1.77-$1.97.
Among the current price drivers is the recent integration of the project’s wallet into Telegram. All this indicates that the price of the currency has a greater chance of continuing to rise.
By Leonardo Pérez
