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Cryptocurrencies: Bullish continuation of Toncoin in sight? Analysis dated May 23, 2024
Toncoin recently reached its highest level ever and appears poised to surpass it. Let’s examine the future prospects of TON together.
Toncoin (TON) price situation.
After experiencing a period of strong interest from buyers, the Toncoin price it reached its all-time high at $7.67. It was at this price level that TON experienced a bearish wave, bringing its price back to the support identified in the April 11, 2024 analysis, around $5. Subsequently, the price rebounded towards the cryptocurrency’s ATH, but faces bearish pressure that has so far prevented it from surpassing this level.
As of this writing, Toncoin is trading at $6.47. It currently appears to be going through some short-term uncertainty. However, in the medium and long term we can be optimistic: the cryptocurrency structure remains bullish. This can be confirmed by the fact that TON is holding above the 50-day and 200-day moving averages. On the dynamic side of Toncoin, we see a notable recovery, although it has been bearish recently, as evidenced by the oscillators and the price of Ethereum itself.
The current technical analysis was conducted in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. He is currently a trainer at Family businessa community of thousands of independent traders active since 2017. You will find live sessions, educational content and mutual support on the financial markets in a professional and friendly atmosphere.
Focus on Derivatives (TONUSDT)
The open interest of TONUSDT perpetual contracts followed their price. This generally indicates buyer belief among speculators. However, they currently appear hesitant due to the more pronounced drop in open interest. As for liquidations, these are not particularly significant, although it is interesting to note that they mainly concern long positions. As for funding rates, they were decidedly negative, indicating an overvalued underlying asset relative to derivatives. This may be due to increased bearish pressure on TONUSDT contracts. However, they are now stable again, which indicates a certain balance among speculators.
Toncoin (TON) price hypothesis.
- As long as the price of Toncoin remains above $5.6, we can anticipate a return to $7.46 and then its all-time high at $7.67. The next resistance level to consider, if the upward move continues, would be $8.3. At this stage it would represent an increase of over +28%.
- If the price of Toncoin fails to stay above $5.6, we could expect a return around $5. The next support level to consider, if the bearish move continues, would be near $4. At this stage, it would represent a decline of close to -38%.
Conclusion
After a period of high volatility, Toncoin shows signs of stability. Uncertainty remains in the short term, but the overall medium- and long-term outlook is encouraging. Therefore, the overall positive trend and recent resilience despite bearish pressures suggest potential recovery and growth for TON. However, it will be crucial to closely monitor the price reaction at various key levels to confirm or invalidate current assumptions. It is also important to remain cautious of potential “fake outs” and market squeezes in each scenario. Finally, remember that these analyzes are based exclusively on technical criteria and that cryptocurrency prices can evolve rapidly due to other more fundamental factors.
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Family business
Family Trading is a community of traders active since 2017 that offers Lives, educational content and contacts with the financial markets, not celuting cryptocurrencies with their friends Elie FT, passionate investor and trader on the cryptocurrency market.
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