Will Toncoin Go Bullish Again? | BITmarkets
Insights Analysis Will Toncoin Go Bullish Again?

Will Toncoin Go Bullish Again?

October 9, 2024 Analysis
BITmarkets | Will Toncoin Go Bullish Again?

In today’s analysis, we provide a detailed outlook on the potential future movement of Toncoin's price and what traders should watch for if they’re considering buying positions.

Although the price is currently in a favorable position, it's important to avoid early excitement and carefully follow the key technical factors, which we’ll explain further.

Daily time frame analysis

toncoinfilp1.1

TONUSD - 1 Day Time Frame

Our previous analysis was accurate, with the price reaching the first fundamental level defined by buy-side liquidity. Traders who followed our market outlook were able to secure some profits at this stage.

Since then, the price has entered a bearish correction, retracing to the 0.5 Fibonacci level, which defines the Discount Zone in this case. The initial entry parameters still hold for the next potential buying opportunity.

However, if the price closes below one of the support zones on the daily time frame, it would be advisable to consider selling part of the position.

When to buy Toncoin?

For traders who prefer to minimize risk, we recommend waiting for the price to close above the nearest resistance zone on the daily time frame, marked as the upper blue zone on the attached chart. In this scenario, the stop-loss order can be placed below the internal low that is currently forming.

Alternatively, if buying at the current levels without waiting for a close above resistance, the stop-loss order should be set below the external low, as indicated on the chart.

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