Published on juni 14, 2024, 5:45 pm
Image source: Fox News
```json { "TLDR": "Toncoin (TON) has surged by 34.50% in June, reaching $8.33 on June 14, but there are signs of a potential correction. The RSI is nearing overbought levels, and technical analysis suggests a retreat to around $6.55 by the end of June. Despite rising open interest, the negative funding rate indicates more short positions, raising caution. A reversal or consolidation is possible if buying pressure eases off. Further bullish movement could lead to a 65% increase if TON breaks above $13.30." } ```
The cryptocurrency associated with the popular Telegram platform, Toncoin (TON), has experienced significant growth recently, with a 34.50% surge month-to-date, reaching $8.33 on June 14. However, despite this bullish momentum, there are indications of a potential correction in the near future.
Currently, TON’s price movement has pushed its daily relative strength index (RSI) to 67.87, nearing the overbought threshold of 70. Historically, such levels have preceded sharp price pullbacks in TON. Additionally, the coin is testing a significant horizontal trendline resistance which could trigger a retreat towards support levels around $6.55 by the end of June.
While futures open interest for TON has seen a notable increase to $239.38 million on June 14 from its recent low of $192.25 million just two days prior, the funding rate remains negative at -0.22% per week since June 12. This suggests more short positions prevailing in the market compared to long positions, signaling anticipation of a price decline or hedging strategies against potential drops.
Despite the bullish trend indicated by rising open interest and price levels, caution is advised due to the negative funding rate and high RSI values. If short positions start to close out and buying pressure eases off, there might be a possibility of a reversal or consolidation leading to a substantial price decrease.
Looking ahead for TON in June signifies an expected correction within an ascending triangle pattern illustrating a bullish continuation trend. Technical analysis shows that if TON breaks above its upper trendline and reaches approximately $13.30, it could signify a further 65% increase from current levels by July.
It’s important to note that this content does not offer any investment advice or recommendations as all trading activities involve inherent risks and individuals should conduct thorough research before making any financial decisions within the volatile cryptocurrency market landscape.
Original article posted by Fox News
