- A key Fibonacci retracement level has been conquered.
- TON bulls seek to drive an intense rally after recently setting an all-time high.
Toncoin [TON] was in a strong uptrend. It reversed all losses the bears inflicted in the second half of April and set a new all-time high at $7.76 on the 5th of June.
According to CoinMarketCap, TON is the ninth-largest crypto asset by market capitalization.
The $18.2 billion market cap token is likely to grow further. The technical indicators were firmly bullish, and the $10 level could be the next long-term target for the bulls.
The 78.6% Fibonacci level was reclaimed
Source: TON/USDT on TradingView
In the 1-day timeframe, the market structure was bullish once again. The April retracement was followed by a bounce to $7 in the first half of May. This move was rejected at the 78.6% retracement level at $7.03.
The subsequent 12.5% dip saw TON retest the $6.15 region as support before climbing higher once more. In the past five days, Toncoin has gained 20.2% in value.
The daily RSI has been above neutral 50 for more than a month, showing a steady uptrend. The reading of 68 at press time indicated hefty bullish momentum.
The CMF was weaker, with only a +0.06 reading. This showed capital inflows were significant.
A continued uptick in the CMF would be a strong sign that the prices would climb higher. The trading volume has also picked up over the past week.
The bullish sentiment prevailed in the futures market as well
Source: Coinalyze
The Open Interest behind Toncoin has climbed from $180 million to $230 million within the past five days. This came alongside the price surge, meaning that speculators were willing to bid and possessed bullish convictions.
The spot CVD was also in a firm uptrend over the past 24 hours. The demand in the spot and futures market meant there was room for TON bulls to drive prices higher.
Read Toncoin’s [TON] Price Prediction 2024-25
The funding rate was also positive and the market was more eager to go long than short on TON assets.
Overall, bullish strength was evident and the $8.4, $9.6, and $10.8 Fibonacci extension levels would be the next target.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
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