Toncoin (TON) Price Prediction for October 16

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Buyers are again more powerful than sellers, according to CoinStats.

TON chart by CoinStats

TON/USD

The rate of Toncoin (TON) has risen by 1.65% over the past 24 hours.

Image by TradingView

On the hourly chart, the price of TON might have found a local resistance level of $5.30. If the daily bar closes far from it, one can expect a correction to the $5.20 range.

Image by TradingView

On the bigger time frame, the situation is neutral, as none of the sides is dominating. The rate is in the middle of the channel, which means ongoing consolidation in the zone of $5.150-$5.350 is the more likely scenario over the next few days.

Image by TradingView

From the midterm point of view, the picture is quite similar. Thus, the volume is low, confirming the lack of buyers and sellers' energy. 

However, if the breakout of the vital zone of $5 happens, there is a chance to see a test of the support of $4.60 soon.

TON is trading at $5.262 at press time.