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- TON Coin Price Forecast: TON
The TON coin closed above the descending wedge pattern (which is formed by connecting multiple peaks and troughs with trendlines) on Wednesday. As of Thursday, TON is trading above $1.51.
If TON continues its upward trend, the rally could extend toward its December 10 high of $1.70.
The Relative Strength Index (RSI) indicates 44, trending upward toward the neutral level at 50, suggesting a slowdown in bearish momentum. To ensure the continuation of the bullish momentum, the RSI must surpass the neutral level. The Moving Average Convergence Divergence (MACD) showed a bullish crossover on Tuesday, supporting the positive outlook.
Daily chart of the TON/USDT pair
On the other hand, if TON faces a correction, the decline could extend toward the daily support at $1.43.
Brief data from CryptoQuant suggest positive outlooks, as spot and futures markets for Toncoin show massive buy orders from major investors, a slowdown in the market, and dominance of buying activity. All these factors point to an improvement in trader sentiment, hinting at a potential rise in the coming days.
On the derivatives side, the buy-to-sell position ratio for Toncoin on the CoinGlass platform reached 1.14 on Thursday, approaching its highest level in a month. This ratio exceeding one indicates optimism in the market, with traders expecting the price of Toncoin to rise.
Chart of the buy-to-sell position ratio in the TON index. Source: Coinglass