- A key Fibonacci retracement level has been conquered.
TON bulls seek to drive an intense rally after recently setting an all-time high.
As an experienced analyst, I believe that Toncoin [TON] is in a strong uptrend and the recent conquest of a key Fibonacci retracement level at 78.6% is a bullish sign. TON bulls are seeking to drive an intense rally after recently setting an all-time high at $7.76 on June 5, 2024.
Toncoin (TON) experienced a robust upward trend. After giving back all the bear-inflicted losses in the latter part of April, it reached a new peak price of $7.76 on the 5th of June.
According to CoinMarketCap, TON is the ninth-largest crypto asset by market capitalization.
As a researcher studying the cryptocurrency market, I’ve identified a token with a market capitalization of approximately $18.2 billion. Based on my analysis of its technical indicators, I believe this token is poised for continued growth. The bullish trend suggests that the $10 level could be the next significant milestone for buyers in the long term.
The 78.6% Fibonacci level was reclaimed
As a crypto investor, I observed a bullish market structure in the one-day timeframe towards the end of May. After a significant retreat in April that took prices down to around $7, the market bounced back in the first half of May. However, this upward move was met with resistance at the 78.6% Fibonacci retracement level, which came in at approximately $7.03.
After experiencing a 12.5% decrease, Toncoin tested the $6.15 area as a potential support level. Subsequently, it regained strength and surged upward again over the last five trading days, resulting in a 20.2% price increase for Toncoin.
For over a month, the daily Relative Strength Index (RSI) has surpassed the neutral 50 mark, signaling a robust uptrend. At the moment of reporting, the RSI stood at 68, suggesting strong buying pressure.
The CMF was weaker, with only a +0.06 reading. This showed capital inflows were significant.
As a researcher observing market trends, I’ve noticed an ongoing increase in the Composite Market Filter (CMF). This upward trend is a robust indicator that prices are likely to continue climbing higher. Furthermore, trading volume has significantly surged over the past week, adding further credence to this observation.
The bullish sentiment prevailed in the futures market as well
Over the past five days, the Open Interest for Toncoin has increased from $180 million to $230 million. This growth coincided with a price uptick, indicating that investors have been actively buying and holding a bullish stance on Toncoin.
Over the last 24 hours, the trend of CVD in the spot market for cardiovascular diseases showed a significant upward surge. The increased demand, both in the spot and futures markets, created an opportunity for TON buyers to further push up prices.
Read Toncoin’s [TON] Price Prediction 2024-25
As a crypto investor, I observed a favorable funding rate and noticed a stronger demand for going long on TON assets compared to short positions in the market.
In summary, there was a strong bullish trend and the next potential targets for price advancement could be found at the $8.4, $9.6, and $10.8 levels based on Fibonacci extensions.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- DOGS PREDICTION. DOGS cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- SQR PREDICTION. SQR cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- QUINT PREDICTION. QUINT cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
2024-06-07 20:07