Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.
- TON rebounded at $1.98 and pumped 7% on 17 October.
- Extra longs have been rekt as of press time, suggesting a reversal couldn’t be overruled.
Toncoin [TON] 7% pump on the every day buying and selling session on 17 October might encounter a reversal and drive consumers to re-focus on the short-term help at $1.98.
Learn Toncoin’s [TON] Value Prediction 2023-24
The rally tried to cross its overhead hurdle on the 50% Fib degree of $2.1 at press time, however liquidation information at hand pointed to a probable value reversal.
Per week in the past, AMBCrypto projected that TON might lengthen its decline to $1.78 amidst bearish strain. Nevertheless, Bitcoin [BTC] reversed its current losses, tipping TON to get well some misplaced floor, too.
Will TON’s restoration falter?
Supply: TON/USDT on TradingView
A vital confluence space existed at $1.98. The extent consisted of the earlier breakout degree throughout September’s prolonged rally. In addition to, the 38.2% Fib degree and the every day bullish order block (OB) of $1.93 – $2.04 (cyan) aligned on the identical value space.
The current pullback eased on the above confluence space. If TON falters on the hurdle at 50% Fib degree ($2.1), bulls might re-group on the confluence space. The bullish goal would be the 50% Fib and 61.8% Fib ranges.
Capital inflows improved however eased barely at press time, as proven by the downtick on CMF in the direction of zero. The overbought situation of the RSI wasn’t an apparent indicator of a attainable reversal, however liquidation information at hand bolstered seemingly short-term TON losses.
Extra longs discouraged, however…
Supply: Coinglass
How a lot are 1,10,100 TONs price at present?
Liquidation data from Coinglass indicated extra lengthy positions have been wrecked up to now one and 4 hours earlier than press time. It demonstrated that an additional short-term rally may very well be affected. So, a value reversal on the 50% Fib degree may very well be seemingly.
Ergo, regardless of the spectacular restoration in Futures market demand and constructive market sentiment, as proven by the rise in Open Curiosity (OI) charges and funding charges, TON’s prolonged restoration might face a problem.
Supply: Coinalyze
