Toncoin (TON) is making waves in the crypto world, with its price skyrocketing over 50% in just a week. The catalyst? Telegram founder Pavel Durov’s move from France to Dubai. This news has sent ripples through the market, igniting a bullish frenzy among traders and investors alike.
After hitting a low of $2.35, Toncoin has bounced back with vigor, catching the attention of crypto analyst Crypto Patel. He sees this as a “great entry zone” for those looking to invest long-term. The price has rebounded from its support level around $2.50, a zone that previously acted as resistance. Now, it’s a potential launchpad for future gains.
Crypto enthusiasts are buzzing with predictions of a 100% rally by 2025. Patel points out that if TON breaks through its current resistance, it could soar to $5 by mid-year. This aligns with another analyst, Profit Mind, who sees a falling wedge pattern that could propel TON to $6 if it breaks the upper trendline.
The technical indicators are flashing green. The Relative Strength Index (RSI) suggests Toncoin is oversold, hinting at a potential bullish reversal. Crypto Billion echoes this sentiment, pointing to the Sharpe ratio, which measures risk-adjusted returns. Historically, when this ratio turns blue, TON has seen significant upward moves.
In the derivatives market, Toncoin’s open interest is surging, doubling in just five days to $169.12 million. However, funding rates remain in negative territory, indicating a bearish sentiment with aggressive shorting. If TON’s price dips to $2.54, nearly $10 million in long positions could be liquidated.
But here’s the kicker: if Toncoin breaks past $4, it could trigger a cascade of short liquidations worth around $12 million. This forced buyback could fuel an even stronger rally, pushing prices higher and rewarding those who held on.
As always, investing in crypto carries risks. It’s crucial to do your own research and make informed decisions. But for those with an appetite for risk and a belief in Toncoin’s potential, the current market dynamics present an intriguing opportunity.
