- The cryptocurrency market has witnessed a significant milestone with a key Fibonacci retracement level being surpassed.
- Toncoin (TON) bulls are pushing for a robust rally after achieving a new all-time high recently.
- Toncoin’s current uptrend is noteworthy, reversing previous losses and setting a new all-time high of $7.76 on June 5th.
Toncoin (TON) is on a bullish trajectory with significant technical support and an increasing market cap, aiming for new highs in the cryptocurrency market.
Reclaiming the 78.6% Fibonacci Retracement Level
Toncoin’s market dynamics have shown a definitive shift. After a notable retracement in April, the token rebounded to $7 in early May, although it faced resistance at the 78.6% Fibonacci retracement level at $7.03.
This retracement was followed by a brief dip of 12.5%, where TON found support around the $6.15 mark before starting another upward movement. Over the past five days, TON has appreciated by 20.2%.
The daily RSI has consistently stayed above the neutral 50 mark for more than a month, indicating sustained bullish momentum. As of now, it stands at 68, reflecting strong upward momentum.
Although the Chaikin Money Flow (CMF) indicator showed a weaker signal at +0.06, indicating ongoing capital inflows, a rising CMF would further strengthen the case for continued price increases. Trading volumes have also surged recently, reinforcing the bullish sentiment.
Buoyant Sentiments in the Futures Market
The enthusiasm in Toncoin is mirrored in the futures market. Open Interest in Toncoin futures has surged from $180 million to $230 million over the past five days, alongside the price rise, indicating strong speculative interest and bullish conviction.
The spot Cumulative Volume Delta (CVD) has also been on a steady upward trend over the last 24 hours, which points to increased demand in both spot and futures markets. This presents an opportunity for TON bulls to drive the prices even higher.
The funding rate remains positive, with the market showing a clear preference for long positions over short ones, further corroborating the bullish momentum.
With these indicators, the upcoming Fibonacci extension levels at $8.4, $9.6, and $10.8 are likely targets for Toncoin.
Conclusion
In summary, Toncoin is exhibiting strong bullish signals both technically and in the futures market. With a steady increase in price and capitalization, along with robust market support indicators like RSI and CVD, the cryptocurrency is poised for further gains. Market participants should keep an eye on the projected Fibonacci extension levels for potential future price movements.
