Can TON extend its recovery?

Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.

• TON rebounded at $1.98 and pumped 7% on 17 October. 
• Extra longs have been rekt as of press time, suggesting a reversal couldn’t be overruled. 

Toncoin [TON] 7% pump on the each day buying and selling session on 17 October may encounter a reversal and pressure patrons to re-focus on the short-term help at $1.98. 

Learn Toncoin’s [TON] Value Prediction 2023-24 

The rally tried to cross its overhead hurdle on the 50% Fib stage of $2.1 at press time, however liquidation knowledge at hand pointed to a probable worth reversal. 

Per week in the past, AMBCrypto projected that TON may lengthen its decline to $1.78 amidst bearish strain. Nevertheless, Bitcoin [BTC] reversed its current losses, tipping TON to get well some misplaced floor, too. 

Will TON’s restoration falter?

Supply: TON/USDT on TradingView

A vital confluence space existed at $1.98. The extent consisted of the earlier breakout stage throughout September’s prolonged rally. In addition to, the 38.2% Fib stage and the each day bullish order block (OB) of $1.93 – $2.04 (cyan) aligned on the identical worth space. 

The current pullback eased on the above confluence space. If TON falters on the hurdle at 50% Fib stage ($2.1), bulls may re-group on the confluence space. The bullish goal would be the 50% Fib and 61.8% Fib ranges. 

Capital inflows improved however eased barely at press time, as proven by the downtick on CMF in direction of zero. The overbought situation of the RSI wasn’t an apparent indicator of a doable reversal, however liquidation knowledge at hand strengthened possible short-term TON losses.

Extra longs discouraged, however…

Supply: Coinglass

How a lot are 1,10,100 TONs value at present? 

Liquidation data from Coinglass indicated extra lengthy positions have been wrecked up to now one and 4 hours earlier than press time. It demonstrated that an additional short-term rally may very well be affected. So, a worth reversal on the 50% Fib stage may very well be possible. 

Ergo, regardless of the spectacular restoration in Futures market demand and optimistic market sentiment, as proven by the rise in Open Curiosity (OI) charges and funding charges, TON’s prolonged restoration may face a problem. 

Supply: Coinalyze