- TON has a strongly bullish outlook regardless of the consolidation of the previous week.
- The buying and selling quantity has lessened, however that doesn’t rule out a breakout previous $5.7 this week.
Toncoin [TON] rallied 115% in March and the consumers confirmed few indicators of stopping. The market construction was bullish throughout a number of timeframes.
The previous week noticed a decrease timeframe vary formation develop from $4.85-$5.6.
Evaluation of the liquidation heatmap confirmed that it was extra probably for costs to proceed their rally than for a deeper retracement towards $4 to happen.
Toncoin Fib ranges gave clues on why a bullish continuation is probably going
Supply: TON/USDT on TradingView
Toncoin has consolidated across the $5 stage over the previous week. It fashioned a swing excessive at $5.68, however solely witnessed a shallow retracement to $4.77.
After the hefty beneficial properties in March, the dearth of a deeper retracement previous the 38.6% Fib stage confirmed the bulls have been dominant.
It was a clue that instructed that the $5.68 stage was not the native prime, however that TON was readying itself for one more push increased.
This was evident within the RSI, which remained above 60 on the 12-hour chart, signaling sturdy bullish momentum.
The OBV additionally fashioned increased lows all through March to stipulate that purchasing stress outweighed the sellers. In the course of the current bounce from $4.77, the buying and selling quantity was comparatively low.
Therefore, the potential for a fall to $4.5 or decrease was nonetheless current, although not as probably as a continuation of the uptrend. Fibonacci ranges confirmed that $6.24 and $7.15 have been the following vital resistances to observe.
Liquidation ranges might beckon costs northward
Sensible or not, right here’s TON’s market cap in BTC’s phrases
The $4 and $4.5 ranges had a excessive focus of liquidation ranges round them, in line with Hyblock estimates. Whereas this might entice TON costs, the $5.85 and $6.1 ranges have been nearer to present market costs.
Alongside the clues from the worth motion, it was probably that TON would climb towards $6.1 earlier than a deep retracement. A Bitcoin droop beneath $68k might dampen the TON bulls’ spirits.
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.