Hello everyone, I'm Penny.
TON has also been a password that has been strongly promoted by the team recently. It has been strongly promoted at around US$4.9 since November 9th.
TON broke out of a descending channel pattern today and moved above the 20-day and 50-day EMAs at $5.03 and $5.19, respectively. This move shows increasing buying interest in the TON market and gives the bulls a slight advantage in the short-term.
Toncoin rises 20% in a week
At the time of writing, TON has broken out of the upper trendline of the channel and is trading at $5.7. The next resistance is around $6.05, which could be breached within the week at the current price.
If TON manages to conquer 6.05 in these two days, we may see an extended uptrend with the next immediate target being $6.5.
Tip: The recent price trend may follow a small rebound in the big cake, which is suitable for creating opportunities for short-term fluctuations.
Currently, TON’s MACD indicator has a bullish crossover, with the MACD line climbing above the signal line and gaining positive momentum. Buyers should wait for these lines to close above zero before initiating long positions in the short to medium term.
The RSI is also at 60, reflecting growing bullish momentum. If it were above 70, it would likely indicate overbought conditions, so traders should keep an eye out for potential consolidation around the current resistance level.
Derivatives data shows
Toncoin derivatives data shows bullish sentiment is positive, with trading volume surging 26.26% to $25.46 million. Open interest also surged 22.00%, indicating that traders are holding positions in the recent bullish rally.
Interestingly, despite the increase in open interest, the overall long/short ratio remains at 0.6787, favoring short positions. However, for top traders, the ratio is bullish for Binance and Euroyi at 2.864 and 3.0486, respectively.
We should keep an eye on TON’s movement around $5.47 in the near term, as a close above the 200-day moving average could confirm a bullish breakout, leading to further gains. But before making any buying decisions, more consideration needs to be given to Bitcoin’s movement and the broader market sentiment.
I am Penny A-penny8, a long-term coin hoarder. I don't touch contracts, and I don't recommend leverage. I make coins in a bear market and U in a bull market. If you are also such a person, then you are welcome to join the Penny team (no fees! No promotion! No return!).
Let us go through the bull and bear markets together, keep each other warm, and strive to be a thicker leek.
