Can TON Price Recover Soon Or A Bigger Fall Is Inevitable?

Toncoin has maintained good momentum from March except for a shallow drop to $4.61 at the start of May. However, the TON succeeded in forming a huge peak earlier where not only has the price recovered but is 3X times in value than its three-month-ago data.

At the moment of writing, the TON price is going through major instabilities where the price fluctuated between $6 to $6.7 instead of surging to the earlier prediction of past the $7 mark. Right now, Toncoin is trading at $6.36, aiming for a recovery from this instability.

In the past 24 hours, the price has barely lifted by 0.14%, and the same is the case for the week’s data, indicating the ups and downs of the TON price. 

So will the TON price recover, or will it fall any lower? Let us discuss that in this blog.

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Factors That Will Decide The TON Price

Toncoin has a lot going around itself, which will decide how the charts will move for this cryptocurrency. For starters, Telegram has again interacted with TON, where the network is launching a new token, Stark, for bot and mini-application payments on the social media platform.

The Stark will be launched on June 12, and users can buy the token directly from the App Store or the Google Play Store but with a service fee of 30%. Additionally, Telegram will convert this service fee into TON, which could become a significant factor in surging the value of TON.

#TON is launching a new token for Telegram internal payments

☑️ A few large channels report that Telegram will launch an internal currency, Telegram Stars, for paying for digital goods in bots.

☑️ This decision was made due to multiple complaints from #Apple, which prohibits… pic.twitter.com/itnMcZkF0j

— Web3_Vibes (@W3Vibes) May 23, 2024

On the other hand, TON’s Exchange Inflow has increased in the last, indicating a high selling pressure on the cryptocurrency. Moreover, its supply has dropped on exchanges, another indication of the selling tendency of the investors.

The TON price chart is also favoring the same as the price has been stuck in a loop for no breakthrough for a week now.

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Will TON Recover or Fall?

Despite the greedy market sentiments favoring the surge in the crypto market, TON is more at risk of falling. The technical indicators reveal the presence of bears in the Toncoin price charts with the decline in the MVRV ratio and the major downtick in the Money Flow Index (MFI).

Lastly, the Relative Strength Index (RSI) is following the downtrend with the indication of a price fall to the $5.9 mark or even lower if the trend continues.

However, if the TON rises above the supporting level, the price can easily target $7 before passing the ATH. Moreover, analysts have spoken of the possibility of Toncoin price surging to a $10 mark in the upcoming days based on May’s performance and possible altcoin rally.

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