Toncoin Grew Fast – Room for more? | BITmarkets
Insights Analysis Toncoin Grew Fast – Room for more?

Toncoin Grew Fast – Room for more?

September 13, 2023 Analysis
BITmarkets | Toncoin Grew Fast – Room for more?

Toncoin jumped in price and its strong & impulsive price flow is a favourable sign for the cryptocurrency’s next move. Our team of analysts explored the daily and 4-hour time frame readings to further-understand the current price status of TON.

Daily Time Frame

The price action closed above the Lower High very cleanly and unambiguously. It is important to note that an impulsive close is not a sure-proof indicator and hence it’s always advised to wait for subsequent price developments.

In this case, the so-called Double Pullback, which represents a correction, can be observed. The first phase of the correction involves the exit of some traders, while the second phase would be an impulsive price movement.

Additionally, Toncoin goes on to test the 0.5 Fibonacci retracement level in the second phase of the correction. Currently, the price has stopped at the psychological level of $2.0.

TON1F

TONUSDT ( 1 Day Time Frame)

4-hour Time Frame

The 4-hour timeframe showcases TON forming Equal Highs, which from a retail trader's point of view, represents resistance and therefore a selling opportunity. In the context of the daily timeframe and the related aspects, selling is a less-likely option. It is often the case that Equal Highs build liquidity to serve as a driver in the eventual continuation of an impulsive bullish move.

PNG

TONUSDT (4 Hour Time Frame) 

Another possible scenario is a deeper correction to the Fibonacci level of 0.382, which corresponds with the previous Higher High. If the price breaks down to the zone around 1.2450 and manages to close below this low, it will invalidate the buy positions.

A BIT about TON

 

The Open Network, commonly known as TON, represents a decentralized and open internet platform that comprises various essential components. These encompass the TON Blockchain, TON DNS, TON Storage, and TON Sites. Acting as the central core, the TON Blockchain intricately connects the foundational elements within the expansive TON Ecosystem.

TON's primary focus lies in achieving extensive cross-chain interoperability, all while operating within a secure and highly scalable framework. Its goal is to process millions of transactions per second (TPS) and, looking ahead, accommodate hundreds of millions of users.

The TON Blockchain is ingeniously designed as a distributed supercomputer, often referred to as a "superserver," with the overarching mission of providing a diverse range of products and services. These offerings collectively contribute to the realization of a decentralized vision for the future of the internet.

Join

Try to invite your friends and earn together

10% of trading fees of your friends and 5% from the earnings of your friends.

We use cookies to store, access and process personal data to give you the best online experience. By clicking Accept Cookies you consent to storing all cookies and ensure best website performance. You can modify cookie preferences or withdraw consent by clicking Cookie Settings. To find out more about cookies and purposes, read our Cookie Policy and Privacy Policy

Cookies settings


Cookie Control


What are cookies?

Cookies are small text files that enable us, and our service provides to uniquely identify your browser or device. Cookies normally work by assigning a unique number to your device and are stored on your browser by the websites that you visit as well as third-party service providers for those website. By the term cookies other technologies as SDKs, pixels and local storage are to be considered.


If Enabled

We may recognize you as a customer which enables customized services, content and advertising, services effectiveness and device recognition for enhanced security
We may improve your experience based on your previous session
We can keep track of your preferences and personalize services
We can improve the performance of Website.


If Disabled

We won't be able to remember your previous sessions, that won't allow us to tailor the website according to your preferences
Some features might not be available and user experience reduced without cookies


Strictly necessary means that essential functions of the Website can not be provided without using them. Because these cookies are essential for the properly working and secure of Website features and services, you cannot opt-out of using these technologies. You can still block them within your browser, but it might cause the disfunction of basic website features.

  • Setting privacy preferences
  • Secure log in
  • Secure connection during the usage of services
  • Filling forms

Analytics and performance tracking technologies to analyze how you use the Website.

  • Most viewed pages
  • Interaction with content
  • Error analysis
  • Testing and Measuring various design effectivity

The Website may use third-party advertising and marketing technologies.

  • Promote our services on other platforms and websites
  • Measure the effectiveness of our campaigns