Connect with us
Active Currencies 14899
Market Cap $2,499,446,635,918.80
Bitcoin Share 51.15%
24h Market Cap Change $1.67

Toncoin [TON] climbs into resistance zone, but momentum favored the bulls

2min Read
Toncoin climbs into a resistance zone but momentum favored the bulls

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • The lower timeframe structure was bullish after the break above $2.18.
  • The bearish breaker on the 4-hour chart would need to be broken before buyers can look to re-enter.

Toncoin [TON] has gained 15.85% in the past week, measured from the swing low at $1.96 that TON registered last Saturday. It appeared likely that bulls could continue to drive prices higher. Yet, Bitcoin [BTC] showed the possibility of a reversal around the $29k area. This could negatively impact TON prices.

Read Toncoin’s [TON] Price Prediction 2023-24

The technical indicators of Toncoin showed strong short-term bullish momentum. The market structure on the four-hour chart also favored the bulls. Yet, the data from the futures market lent some strength to the bearish argument.

The retest of the bearish breaker block could see TON rejected

Toncoin climbs into a resistance zone but momentum favored the bulls

Source: TON/USDT on TradingView

At the time of writing, TON was trading at $2.238. It has broken above the $2.2 horizontal level of resistance, but it is not yet strongly bullish. TON has formed a series of higher lows over the past week after the drop to $2, as well as broken above the lower high at $2.18.

This made its lower timeframe market structure bullish, but the bearish order block in the $2.25 area highlighted in red could rebuff bullish efforts. The MACD showed strong bullish momentum as it burst out above the zero line. The 21 and 55-period moving averages were on the verge of forming a bullish crossover as well.

Therefore, the expectation was continued bullishness for TON in the next day or two. However, the weekend could see a lack of volume and extra volatility. With Bitcoin also near the $28.7k resistance, TON buyers must exercise caution.

Is your portfolio green? Check the Toncoin Profit Calculator

Short sellers have been strong behind Toncoin recently

Toncoin climbs into a resistance zone but momentum favored the bulls

Source: Coinglass

This Coinglass chart showed that Open Interest has been on the rise over the past week overall. Meanwhile, the asset itself has trended downward on the price chart. Moreover, both on 23 and 24 March as well as 30 March, we can see that an uptick in the OI was seen whenever the price saw a dip.

This was a strong indication that short sellers were stronger in the market. The funding rate of TON was positive on OKX in recent days, which hinted at some bullish sentiment. Taken together, it gave mixed signals but showed bears could have the upper hand on the lower timeframes.


Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.