Toncoin (TON) Price Prediction for November 8

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Buyers have seized the initiative again at the end of the week, according to CoinStats.

TON chart by CoinStats

TON/USD

The rate of Toncoin (TON) has risen by 2.41% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of TON is looking bullish as it is coming back to the local resistance of $4.975. 

If buyers can hold the gained initiative, one can expect a level breakout, followed by a move to the $5 area and above.

Image by TradingView

A bullish picture can also be seen on the bigger time frame. If the daily bar closes near $4.962, the accumulated energy might be enough for a test of the $5.10 range this week.

Image by TradingView

A less positive situation can be seen on the weekly chart. Even if the candle closes around the current prices, the rate of TON might need more time to accumulate energy for a further move. In this case, sideways trading in the zone of $4.80-$5.20 is the most likely scenario.

TON is trading at $4.956 at press time.