Toncoin (TON) has sustained its self-paced bullish rally at a time the majority of coins are experiencing selloffs. At the time of writing, the coin is up by 6.22% in 24 hours to $7.67. The ecosystem has helped it maintain the right metrics to pare off its 3.47% loss over the past week.

The Toncoin Uncertainty

As it stands, Toncoin is the only digital currency in the top 10 of the most capitalized coins that boasts of visible uptick. Despite its losses in the past week, the 24-hour gain has helped it extend its monthly rally. Within this timeline, the coin has grown by more than 23.8% to surpass Bitcoin which printed a 5.4% loss in the same period.

Amidst this bullish disposition, top market analyst Ali Martinez has projected a likely retracement. He shared a TON/USDT Perpetual Contract 4H Chart that presents a sell signal. This sell signal is bolstered by the TD Sequential indicator which revealed that Toncoin might print a one to four candlesticks drop.

The TD Sequential presents a sell signal on the #Toncoin four-hour chart, predicting a correction of one to four candlesticks for $TON! pic.twitter.com/Yg4Da5PH8b

— Ali (@ali_charts) June 23, 2024

This might come off as a scary projection for Toncoin investors, however, TON has had a very good rally this month. Data from Cryptorank pegs the Month-to-Date (MTD) growth at 21.6%, suggesting June has not been as bearish as its peers.

The projection from Ali Martinez demands a need for risk management for current TON holders. While crypto fundamentals might change, an overbuying trend generally disposes TON for a reversal. With current trading volume coming in at $238,266,211, up by 13.6% in 24 hours, the positive sentiment underscores how long traders are on the coin.

With the TD Sequential insight, TON uncertainty is noted and might shape some traders picks in the coming week.

Fundamentals Still Matter

Toncoin’s growth remains a product of its ecosystem fundamentals. The project’s link with Telegram and its highly adopted game applications have triggered intense demands across the board.

Many new games are trying to replicate the success of Notcoin which hit millions in Total Value Locked (TVL) at launch. Besides this game, many top profile platforms in the industry are lending their support to Toncoin. Binance exchange recently announced the integration of Tether (USDT) on Toncoin, a listing that helps broaden accessibility to the TON ecosystem.

These fundamentals might help Toncoin regain its resilience even if the price of TON records a reversal.

Read More: Bitcoin Price Eyes $70000 Rebound As On-Chain Metric Hints End of Correction

The post Toncoin (TON) Jumps 6% As Analyst Predicts Imminent Correction appeared first on CoinGape.

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Filed under: News - @ June 23, 2024 3:10 pm