Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
- The decrease timeframe construction was bullish after the break above $2.18.
- The bearish breaker on the 4-hour chart would must be damaged earlier than patrons can look to re-enter.
Toncoin [TON] has gained 15.85% previously week, measured from the swing low at $1.96 that TON registered final Saturday. It appeared doubtless that bulls might proceed to drive costs greater. But, Bitcoin [BTC] confirmed the potential of a reversal across the $29k space. This might negatively influence TON costs.
Learn Toncoin’s [TON] Value Prediction 2023-24
The technical indicators of Toncoin confirmed sturdy short-term bullish momentum. The market construction on the four-hour chart additionally favored the bulls. But, the information from the futures market lent some energy to the bearish argument.
The retest of the bearish breaker block might see TON rejected
Supply: TON/USDT on TradingView
On the time of writing, TON was buying and selling at $2.238. It has damaged above the $2.2 horizontal stage of resistance, however it isn’t but strongly bullish. TON has fashioned a sequence of upper lows over the previous week after the drop to $2, in addition to damaged above the decrease excessive at $2.18.
This made its decrease timeframe market construction bullish, however the bearish order block within the $2.25 space highlighted in purple might rebuff bullish efforts. The MACD confirmed sturdy bullish momentum because it burst out above the zero line. The 21 and 55-period shifting averages have been on the verge of forming a bullish crossover as nicely.
Due to this fact, the expectation was continued bullishness for TON within the subsequent day or two. Nevertheless, the weekend might see an absence of quantity and further volatility. With Bitcoin additionally close to the $28.7k resistance, TON patrons should train warning.
Is your portfolio inexperienced? Test the Toncoin Revenue Calculator
Quick sellers have been sturdy behind Toncoin lately
Supply: Coinglass
This Coinglass chart confirmed that Open Curiosity has been on the rise over the previous week total. In the meantime, the asset itself has trended downward on the value chart. Furthermore, each on 23 and 24 March in addition to 30 March, we will see that an uptick within the OI was seen each time the value noticed a dip.
This was a powerful indication that brief sellers have been stronger out there. The funding fee of TON was constructive on OKX in current days, which hinted at some bullish sentiment. Taken collectively, it gave blended alerts however confirmed bears might have the higher hand on the decrease timeframes.
