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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.

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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.

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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.

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