The post Is Toncoin [TON] ready to rally again after the past month’s consolidation? appeared on BitcoinEthereumNews.com.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Toncoin showed a higher timeframe uptrend from late August The lower timeframe price chart pointed toward a possible bullish breakout, but should traders trust it? Toncoin [TON] bulls profited from the recent Bitcoin [BTC] surge. Since 20 October, TON rallied close to 10%. However, the higher timeframe price charts showed that the token was already trending higher. Is your portfolio green? Check the Toncoin Profit Calculator This HTF rally began in late August when a local high at $1.53 was flipped to support. This move saw a shift in the market structure, and TON has maintained the uptrend. The local resistance at $2.27 saw a sharp rejection Source: TON/USDT on TradingView In mid-September, Toncoin rallied from $1.538 to $2.599 in a week, a move that measured 62%. This rally was used to plot a set of Fibonacci retracement levels (pale yellow). The past month saw TON retrace from $2.6 to $1.92. The prices then consolidated within the $1.92-$2.16 region. The recent BTC move saw TON climb to $2.23 and signaled a potential uptrend. However, the indicators were not wholly behind the idea. While the Relative Strength Index (RSI) continued to move above the neutral 50 on the four-hour chart, the Chaikin Money Flow (CMF) was below -0.05. Despite the recent gains, the CMF showed significant capital flow out of the market. This suggested that TON was not yet ready for a genuine breakout and another rally. A move above $2.27 would be a good signal of firm bullish intent. Open Interest showed bullish sentiment and gained some traction in recent days Source: Coinglass The Open Interest (OI) chart spiked wildly higher during TON’s rally to $2.6 in September. It…

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Filed under: News - @ October 25, 2023 6:20 am