On Monday, Toncoin (TON), associated with Telegram, led market gains with a nearly 9% increase, defying overall market trends. However, a subsequent spike in profit-taking caused a 2% drop in its value over the past 24 hours, accompanied by a 17% decline in trading volume.
Despite the dip, TON, trading at $6.84, remains well-positioned for a potential uptrend as it approaches its Ichimoku Cloud, which is a key indicator of trend direction and momentum. The coin’s upward trend toward this cloud suggests a possible breakout from its bearish trend.
Indicators like the Relative Strength Index (RSI) and Directional Movement Index (DMI) confirm a bullish bias, with the RSI trending upward at 54.83, indicating increased accumulation of TON. The DMI’s Positive Directional Indicator remains above its Negative counterpart, signaling bullish momentum.
However, this bullish sentiment is not mirrored in the derivatives market, where futures traders continue to demand short positions. Data from Coinglass shows a mostly negative funding rate for TON, currently at -0.0091%, suggesting traders are betting against a price rally.
If bearish predictions hold, TON’s value could fall to $6.51. Conversely, continued positive trends could see its price rally above the cloud to $7.52.
