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TONcoin (TON) bulls have made significant profits from the recent surge of Bitcoin (BTC). This popular altcoin has shown an increase of nearly 10% since October 20. However, higher timeframe price charts indicate that the token is already following a higher upward trend.
Critical Levels in TON
This rally started with the conversion of the local highest level of $1.53 into support in late August. This move led to a change in market structure and TON continued its upward trend. In mid-September, TONcoin rose from $1.538 to $2.599 in just one week, a movement of 62%. This rally was used to draw a series of Fibonacci retracement levels. Last month, TON dropped from $2.6 to $1.92.
Then, prices consolidated in the $1.92-$2.16 range. The recent BTC movement saw TON rise to $2.23, indicating a potential uptrend. However, indicators were not fully supportive of this idea. The Relative Strength Index (RSI) continued to move above the neutral 50 level on the four-hour chart, while the Chaikin Money Flow (CMF) remained below -0.05.
Signs of Upside in TON
Despite recent gains, the CMF showed significant capital outflow from the market. This indicates that TON is not yet ready for a real breakout and another rally. A move above $2.27 could be a good signal of strong upward intention. The Open Interest (OI) chart reached $2.6 during TON’s rally in September. Before making a higher bounce in the past ten days, there was a pullback in price at the beginning of October. This may reflect increasing bullish sentiment in the market.
A drop below $2.12 would put TON’s market structure in a bearish trend on the H4 chart. It could also indicate a potential retest of the $1.9 region, which represents the lowest levels of consolidation.
