TON price on the rise in September but can it continue further?
Key Takeaways
- TON continues to rise as it increased by 50% in September.
- All previous targets met with the last one getting overextended.
- Chart analysis points out a potential downturn.
Since the beginning of August, TON’s price has been steadily rising, surging by more than 110%, including a remarkable 52% increase since September 13. Today, it broke the $2.50 mark, approaching its previous high of $2.90 from February.
With its proximity to the previous high, the question arises: Can TON maintain its upward trajectory and set a new record?
Previous TON Price Analysis
In our analysis on August 18, we explored the potential for the initial price increase in August to evolve into a more substantial upward trend. At that point, we were expecting an initial decline, from which we would assess whether it would be corrective and establish a higher low.
As it continued to approach its August 17 high of $1.50, it became clear that further upside potential was emerging. In our analysis posted on August 29, we maintained our price target of $1.90 for the next wave.
As the price neared this target, it became apparent that this represented the third wave within the larger five-wave uptrend. Consequently, we have projected a further ascent towards the next notable resistance level at $2.14.
This marked the conclusion of the wave, indicating that we may now expect a more substantial correction or the initiation of a larger downtrend.
Price prediction
As evident from the 4-hour chart below, the price surpassed our projected target and reached the next Fibonacci extension level at 2.272, just shy of $2.50. Given this overextension and the likelihood that the price has reached its peak in this rally, it is improbable that it will sustain its upward momentum from the current position.
More likely, a larger downturn appears imminent. The optimal price target for this anticipated decline could be around $1.55 if we observe a similar degree of ABC correction.
Alternatively, we might witness the emergence of a sustained downtrend, resulting in further losses with a lower low compared to the $1.16 level seen at the start of August.
For now, this projection is based solely on the wave structure and the resistance encountered by the price. In other words, it’s still premature to predict a downturn, as we would need to observe a more pronounced rejection at current levels with initial sharp declines.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
