3 min readTONCOIN (TON/USD):
As I mentioned last week, I was curious to observe how the price action would unfold once we reached this key area on the daily time frame. At the moment, the price seems to be encountering some resistance at the 50% Fibonacci level. However, given the positive fundamental news circulating, I wouldn’t be surprised to see the price continue to move higher. Overall, the cryptocurrency market appears to be trending upward in the short term.
Looking more closely at the technicals, it’s clear that we’ve broken out of this internal descending trendline. At present, the RSI indicator shows no signs of the move being “overbought.” If the price continues to rise, I expect the next target will be the support area above, around the $7.00 level.
Author
Risk Disclaimer Disclaimer: The information provided does not constitute, in any way, a solicitation or inducement to buy or sell any of our products.
Any material presented under this section of our website is not intended and should not be considered investment research or investment advice. Any Comments and analysis reflect the views of different external and internal analysts at any given time and are subject to change at any time. The recipient acknowledges that he/she is solely responsible for any trading decisions taken.
Risk warning: Our products are complex financial instruments which come with a high risk of losing money rapidly due to leverage. These products are not suitable for all investors. You should consider whether you understand how leveraged products work and whether you can afford to take the inherently high risk of losing your money. If you do not understand the risks involved, or if you have any questions regarding our products, you should seek independent financial and/or legal advice if necessary. Past performance of a financial product does not prejudge in any way their future performance.
