Toncoin eyes recovery, but market uncertainty looms
Key Takeaways
- Toncoin (TON) shows signs of a potential recovery after the price rose to USD 5.804.
- An “Inverse Head and Shoulders” pattern suggests a possible bullish trend.
- On-chain data and liquidations, however, present mixed signals, increasing market uncertainty.
- A negative “Exchange Netflow” could support the bullish momentum.
Toncoin shows bullish signs – but how stable is the price?
Toncoin (TON) has experienced a volatile phase in recent days. After the price fell by 9.26%, it managed to slightly recover, showing a 0.52% gain in the last 24 hours. Despite this small upward movement, the market direction remains unclear. However, a technical pattern visible on the charts could indicate an upcoming bullish move.
“Inverse Head and Shoulders” pattern as a bullish signal
Currently, Toncoin has formed an “Inverse Head and Shoulders” pattern. This chart pattern consists of three low points: a left shoulder, a deeper head, and a right shoulder. A bullish trend is usually confirmed when the price breaks through the so-called “neckline” – the line connecting the two low points between the shoulders.
If Toncoin breaks through this line, the price could rise to USD 5.804. However, if it fails, there is a risk that the price could fall to the October low of USD 5.139 or even lower.
On-chain data shows uncertainty
A look at the on-chain data presents a mixed picture. According to Coinglass, the “OI-Weighted Funding Rate” stands at 0.0080%. This value combines open interest and funding rates to assess market sentiment. A positive value indicates a bullish market sentiment.
Despite this positive signal, liquidation data points to uncertainty. In recent days, a total of USD 268.15 thousand was liquidated, with USD 146.96 thousand from long positions and USD 121.19 thousand from short positions. This relatively balanced distribution shows that the market has not yet taken a clear direction.
Less supply on exchanges could favour a bullish breakout
Another factor that could favour a bullish breakout is the decline in supply on exchanges. Over the past seven days, more than USD 19 million in TON has been withdrawn from various exchanges. This suggests that many traders are holding their assets rather than selling them. Such a negative “Exchange Netflow” can strengthen the bullish momentum, as fewer coins are available for sale.
Our assessment
The current market situation for Toncoin remains unclear. While the “Inverse Head and Shoulders” pattern points to a possible bullish breakout, on-chain data and liquidations present mixed signals. If the negative “Exchange Netflow” persists, it could further support the bullish momentum. However, caution is advised, as a failed breakout could push the price down to the October low.
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