TON Coin (TON) Price Prediction 2023

After a period of bearish pressure, Toncoin has seen a resurgence of interest that struggles to maintain itself. Let's examine the upcoming prospects for the price of TON.

After experiencing a period of bearish pressure, Toncoin has seen a resurgence of interest that struggles to maintain itself. The cryptocurrency, which experienced a meteoric rise and reached an all-time high of $8.28, has seen this level trigger strong selling pressure, causing a drop of over 45% in its price. Nevertheless, the cryptocurrency has found new momentum around the $4.45 price level, sparking renewed interest.

The latest fluctuations of TON then created a double bottom pattern, often signaling a trend reversal. This pattern was broken upwards, allowing the price of Toncoin to reach the resistance at $6.8. Unfortunately, this threshold was not exceeded, leading to renewed selling interest that weighed on the price of the cryptocurrency.

Indeed, at the time these lines are written, the price of TON is around $5.46. It is interesting to note that this price level is just above a notable value zone, itself located on the first monthly pivot support. The cryptocurrency has thus recorded a bearish retracement of about 78.60% from its last daily impulse, naturally questioning its short-term trend. However, it is essential to emphasize that medium and long-term trends remain bullish. This perspective is supported by the bullish crossover of the 50 and 200-day moving averages. Nevertheless, all these bearish fluctuations have undeniably affected the positive momentum of the cryptocurrency, impacting both its price and its oscillatory indicators.

The current technical analysis was conducted in collaboration with Elie FT, an investor and passionate trader in the cryptocurrency market. Now a trainer at Family Trading, a community of thousands of active proprietary traders since 2017. You will find Lives, educational content, and mutual support around the financial markets in a professional and warm atmosphere.

Zoom on Toncoin derivatives (TON/SDT)The open interest on TON/USDT perpetual contracts has shown a correlation with the decline in the price of the cryptocurrency, suggesting an exit from speculative positions. The CVD and funding rates, also revised downwards, reflect a certain pessimism among investors. On the liquidation side, recent ones have been minor, indicating a relatively balanced market where buyers and sellers seem aligned on the current direction of the crypto. However, it is important to note that a historical peak in long position liquidations was recorded on December 9, reaching $7.6 million, according to Velodata. This phenomenon could indicate a recent forced capitulation of buyers in the price of the cryptocurrency.

The heatmap of liquidations for TON/USDT perpetual contracts reveals that the cryptocurrency has reached a liquidation zone that has clearly triggered selling interest, leading to a downward revision of its price. Currently, notable liquidation zones are located on either side of the current price of the crypto. Above, there is a wide zone around $7. Below, a subtle zone is visible above $6. Below the current price, the most pronounced zone is around $4.6. The approach of the price towards these levels could lead to a massive triggering of orders, thus increasing the risk of heightened volatility for the crypto. These zones thus represent a crucial point of interest for investors.

Forecasts for the price of Toncoin (TON)After a period of strong bullish momentum, Toncoin has experienced a significant correction in recent weeks. This correction was mainly driven by selling pressure at key resistance levels and a decrease in speculative interest, as evidenced by the decline in open interest on TON/USDT perpetual contracts. Despite this bearish trend, a closer examination of the price action and derivatives data reveals some interesting observations.

The price of Toncoin has found support at a crucial level, namely the first monthly pivot support, which is also situated within a notable value zone. This confluence of support levels could potentially hinder any further bearish price movements. Moreover, the medium and long-term trends for Toncoin remain bullish, as indicated by the 50 and 200-day moving averages, respectively. This bullish trend is further supported by the recent crossover of these moving averages.

Oscillatory indicators, such as the RSI and MACD, have also flattened out after a period of bearish divergence, indicating a possible slowdown in the rate of price decrease. Additionally, the price of Toncoin has now corrected by about 78.60% from its last daily impulse, which could suggest that the short-term bearish trend may be nearing its conclusion.

Based on these observations, a possible scenario is that the price of Toncoin could attempt to recover from its current level if conditions permit. In such a case, the next resistance level to watch would be around $6.8, followed by the psychological resistance at $7. A break above these resistances could lead to a continuation of the bullish trend.

However, it is crucial to note that these forecasts are solely derived from technical analysis and that the price of cryptocurrencies can also be influenced rapidly by other more fundamental factors.