Crypto: Continued bullishness of Toncoin in sight? Analysis of 23 May 2024

Toncoin recently reached its all-time high and already looks set to surpass it. Let’s take a look at the future prospects for TON.

Toncoin (TON) price situation

After experiencing a period of strong buyer interest, the Toncoin price reached its all-time high of $7.67. It is at this price level that TON underwent a bearish wave, bringing the price back to the support identified in the analysis of the 11th. April 2024, about $5. Subsequently, the price bounced back towards the cryptocurrency’s ATH, but is facing downward pressure, which is not allowing its crossing till date.

At the time of writing this article, Toncoin is quoted at $6.47. It currently appears to be going through an indecisive period in the short term. In the medium and long term, however, we can rejoice: the structure of the cryptocurrency remains bullish. This can be confirmed by the fact that TON is staying above its 50 and 200 day moving averages. On the side of Toncoin dynamics, a remarkable upswing is observed, although recently it has been bearish, as evidenced by oscillators and the price of Ethereum itself.

TONUSD Card (1D)TONUSD Card (1D)
TONUSD Card (1D)

The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today training at Family tradea community of thousands of traders for own account that have been active since 2017. You will find life, educational content and mutual assistance around the financial markets in a professional and warm atmosphere.

Focus on derivatives (TONUSDT)

Open interest in TONUSDT perpetual contracts has run its course. This basically demonstrates a buying conviction on the part of the speculators. However, they appear reluctant at present due to the sharper decline in open interest. Regarding liquidations, they are not really significant, although we can emphasize that they mainly concern long positions. As for funding rates, they were clearly negative, highlighting an overvalued underlying asset compared to derivatives. This may be due to increased bearish pressure on TONUSDT contracts. But now they have become stable again, indicating a certain balance among speculators.

Open interest/liquidations and financing interest TON/USDT

Hypotheses for the price of Toncoin (TON)

  • As long as the price of Toncoin remains above $5.6, we can expect a return to $7.46 and then to its ATH of $7.67. The next resistance to consider if the bullish move continues would be $8.3. At present, that would represent an increase of more than +28%.
  • If the price of Toncoin does not stay above $5.6, we could imagine a return to around $5. The next support to consider if the bearish move continues would be near $4. At this point, it would represent a drop close to -38%.

Conclusion

After a period of high volatility, Toncoin is showing signs of stability. In the short term, uncertainty remains, but the general direction in the medium and long term remains encouraging. The overall positive trend and recent resilience despite downward pressure thus suggest potential for recovery and growth in TON. Nevertheless, it will be crucial to closely observe the price reaction at various key levels to confirm or disprove the current assumptions. It is also important to be alert to potential “false outs” and “market squeeze” in each scenario. Finally, let’s remember that these analyzes are based solely on technical criteria and that the price of cryptocurrencies can also develop rapidly depending on other more fundamental factors.

Maximize your Cointribune experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

Click here to join ‘Read to Earn’ and turn your passion for crypto into rewards!

Family trade avatarFamily trade avatar

Family trade

Family Trading is a community of proprietary traders, active since 2017, offering life, educational content and mutual assistance around the financial markets, including cryptocurrencies with Elie FT, a passionate investor and trader in the crypto market.

Disclaimer:

The content and products mentioned on this page are in no way endorsed by Cointribune and should not be taken as its responsibility.

Cointribune endeavors to provide readers with all useful information available, but cannot guarantee its accuracy and completeness. We encourage readers to educate themselves before taking any action related to the Company and to take full responsibility for their decisions. This article should not be considered investment advice, an offer or an invitation to purchase products or services.

Investing in digital financial assets involves risks.

Read more

Leave a Comment