Over the last week, TON Coin has experienced a 9.13% increase in value. These figures would have been considered fairly impressive a few weeks ago. Nevertheless, the recent surge of Bitcoin (BTC) above $74,000 during the first week of November has stirred significant bullish sentiment throughout the market.
While it may appear like an opportune moment to invest in TON Coin, given its current lack of a substantial price spike, it is essential to exercise caution. In a bullish market like this, stagnant movement amidst other assets trending positively can also be interpreted as a weakness.
Predicted Price Movement for TON Coin
Analysis of the daily chart indicates a bearish momentum for TON, as per the signals from the Awesome Oscillator. Although the green bars on the histogram suggest a weakening bearish trend, the indicator remains below the zero line.
The market’s trajectory also confirms this bearish sentiment, as a pattern of lower highs and lower lows has been evident since late July. Additionally, the On-Balance Volume (OBV) is currently below a support level from a few months ago, indicating that buying pressure has not yet surged. A breakthrough past the $5.92 mark could potentially signal a shift towards a more bullish trend in the long run.
While the 50 and 100-period simple moving averages on the daily chart have not yet exhibited a bearish cross, TON Coin continues to trade below these indicators. This further underlines the prevailing weakness in the market.
Potential Momentum in the Short Term
An examination of the past three months highlights that the nearest highlighted liquidation levels for TON Coin sit above the $6 threshold. Notably, the $5.7-$5.9 range and the $6.2 zone pose as significant resistances above the current price point.
Should TON Coin breach these liquidity barriers, it could potentially trigger a bearish response unless there is a substantial surge in demand. Conversely, to the downside, the $4.47 level represents a smaller concentration of liquidation levels.
Disclaimer: The views expressed here are purely the writer’s opinion and should not be misconstrued as financial, investment, or trading advice.