Toncoin (TON) Surges 6% Amid Predictions of Imminent Correction

Toncoin (TON) Surges 6% Amid Predictions of Imminent Correction

While most coins are experiencing selloffs, Toncoin (TON) has maintained its self-paced bullish ascent. As of this writing, the coin has increased in value by 6.22% daily to $7.67. Thanks to the ecosystem’s assistance in maintaining the proper parameters, it has reduced its weekly loss by 3.47%.

The Uncertainty Over Toncoin

Toncoin is the only virtual currency with a discernible increase in value among the top 10 most capitalized coins. It lost ground during the last week, but the 24-hour gain allowed it to continue its monthly rally. The coin has increased by more than 23.8% throughout this time frame, surpassing Bitcoin, which saw a 5.4% decrease during the same timeframe.

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Leading market expert Ali Martinez has predicted a probable correction amidst this optimistic outlook. He provided a 4-hour chart showing a sell signal for the TON/USDT perpetual contract. The TD Sequential indicator, which suggested that Toncoin may print a one- to four-candlestick decline, supports this sell signal.

The TD Sequential presents a sell signal on the #Toncoin four-hour chart, predicting a correction of one to four candlesticks for $

— Ali (@ali_charts) June 23, 2024

For Toncoin investors, this may seem like a dire forecast, but the cryptocurrency has experienced a vigorous climb this month. According to data from Cryptorank, June has not been as harmful as its contemporaries, with the Month-to-Date (MTD) growth estimated at 21.6%.

According to Ali Martinez’s estimate, current TON holders must practice risk management. Although the fundamentals of cryptocurrencies may shift, an overbuying tendency usually sets up TON for a turnaround. The current trading volume of $238,266,211, up 13.6% in a single day, indicates how long traders have been holding the coin. This strong emotion is evident.

The TD Sequential insight highlights TON ambiguity, which may influence specific traders’ decisions in the upcoming week.

Basics Are Still Important

The underlying principles of Toncoin’s ecosystem continue to drive its growth. The project’s integration with Telegram and its widely used gaming apps have led to solid demand everywhere.

Many new games are attempting to imitate Notcoin’s popularity, which, at its debut, achieved millions of Total Value Locked (TVL). Aside from this game, Toncoin is receiving support from other well-known platforms in the sector. Binance Exchange recently revealed the inclusion of Tether (USDT) on Toncoin, a listing that aids in extending accessibility to the TON ecosystem.

Even if the price of TON reverses, these fundamentals could aid Toncoin in regaining its durability.

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