Toncoin’s Q3 recovery hits 100% – Are more gains likely?
Journalist
Posted:
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion
- At press time, TON was up +70% whereas BTC was down -12% in Q3 value efficiency
- Quick and long-term traits had been bullish as per Futures market information at press time
Toncoin [TON] outperformed Bitcoin [BTC] on quarterly and weekly fronts. Over the previous week (11-17 September), BTC was up 2.65% whereas TON rallied by 34.9%, in line with TradingView.
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On the quarterly entrance, TON was up +70% in Q3 2023 primarily based on the press time worth of $2.35. Nevertheless, BTC was down 12% over the identical interval.
It interprets to a +100% restoration if the value efficiency is extrapolated to the latest excessive of $2.55 from the July low of $1.15. The double worth pushed TON into the top-10 membership primarily based on market cap.
What’s subsequent forward of the Fed determination?
Supply: TON/USDT on TradingView
Further market volatility is probably going within the subsequent few hours because the FOMC Assembly will get underway on 19-20 September. A probable dovish stance may tip TON to entrance an additional rally, and the subsequent essential goal is $2.9 (December 2022 excessive).
At press time, value motion had reclaimed the $2.22-level, a key assist in Q3 2023. If bulls defend it and the Fed’s determination is favorable, the rally may prolong to December highs. Apart from, the $2.5 and $2.65 ranges are key roadblocks to clear to hit the $2.9-target.
Conversely, a drop beneath $2.22 will verify the H4 market construction weakening. Nevertheless, the breakout degree and former weekly bearish order block (OB) of $1.8 – $2.07 may ease the prolonged retracement.
In the meantime, the RSI retreated barely from the overbought zone however didn’t prolong at press time. It signifies a possible reversal, however a positive Fed determination may drive extra shopping for stress.
The CMF was additionally optimistic on the chart, regardless of wavering above zero over the previous few days. This indicated that capital inflows had been optimistic, however fluctuated.
Futures market information was bullish, however…
Supply: Coinglass
Based on Coinglass’s Lengthy/Quick Ratio, there have been over 50% lengthy positions on day by day charts since 13 September. It signified extra gamers are going lengthy on the asset – A bullish bias.
How a lot are 1,10,100 TONs value right this moment?
The optimistic Open Curiosity (OI) charges and Accumulative Swing Index (ASI) additional corroborated the bullish sentiment within the Futures market.
The OI surged from <$10 million on 10 September and was up >$21 million at press time, indicating an uptick in demand.
Supply: Coinalyze
Equally, the ASI, which tracks the power of value swings, was optimistic at 6.77. This highlighted that the long-term value development was bullish and in a stable uptrend at press time.
Therefore, additional additional beneficial properties may very well be seemingly within the quick time period. Even so, the fluctuating funding charges may very well be an issue.
