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Most of the big companies, institutions or organizations try to launch their own coin or blockchain network. The popular messenger Telegram is no exception to this rule, Telegram's exclusive coin (Telegram) has shown a very good trend in this bearish market. This coin has been released under the name of Ton (TON).
The site Cointelegraph has chosen this coin as the top 5 cryptocurrencies of 2022.
TON cryptocurrency performance in 2022
Rate of return: negative 30.5%
Department of activity: smart contract
Current market cap: $3.52 billion
Technical analysis of TON cryptocurrency in daily time frame
Currently, as can be seen in the chart, this cryptocurrency continues its upward trend. Because the current price is bullish as long as it is above the previous pivot point ($1.8 level).
Is this 30% drop of TON cryptocurrency a price correction or the beginning of a downward trend? In the following, we will answer this question with several technical points.
The price of this cryptocurrency has now entered a corrective phase after a Sharpie rise to the $2.9 level, as you can see, the price has reacted to the 0.5 ($2) Fibonacci line. But the selling pressure is so high that the price is expected to choose lower levels for a range move (neutral) or a retracement move.
Note: The 0.6 Fibonacci line is located at the $1.8 level, and the POC line in the Fixed Range Volume Profile utility also shows the $1.8 level as a high trading level. The level of $1.8 is also a trading node, the sellers who entered the position (Sell) at higher levels have chosen this level as their target.
Therefore, according to the above point, if TON cryptocurrency does not have the ability to form return patterns at the level of $1.8 and the price breaks this support level downwards. We can say that it has entered a downward trend and this price drop is no longer in a corrective phase.
If the above scenario does not happen, the price is expected to react to the targets of $2.4, $2.6, and $2.9.
Supports: $2, $1.8, $1.5, $1.2
Resistances: $2.4, $2.6, $2.9
Most of the big companies, institutions or organizations try to launch their own coin or blockchain network. The popular messenger Telegram is no exception to this rule, Telegram's exclusive coin (Telegram) has shown a very good trend in this bearish market. This coin has been released under the name of Ton (TON).
The site Cointelegraph has chosen this coin as the top 5 cryptocurrencies of 2022.
TON cryptocurrency performance in 2022
Rate of return: negative 30.5%
Department of activity: smart contract
Current market cap: $3.52 billion
Technical analysis of TON cryptocurrency in daily time frame
Currently, as can be seen in the chart, this cryptocurrency continues its upward trend. Because the current price is bullish as long as it is above the previous pivot point ($1.8 level).
Is this 30% drop of TON cryptocurrency a price correction or the beginning of a downward trend? In the following, we will answer this question with several technical points.
The price of this cryptocurrency has now entered a corrective phase after a Sharpie rise to the $2.9 level, as you can see, the price has reacted to the 0.5 ($2) Fibonacci line. But the selling pressure is so high that the price is expected to choose lower levels for a range move (neutral) or a retracement move.
Note: The 0.6 Fibonacci line is located at the $1.8 level, and the POC line in the Fixed Range Volume Profile utility also shows the $1.8 level as a high trading level. The level of $1.8 is also a trading node, the sellers who entered the position (Sell) at higher levels have chosen this level as their target.
Therefore, according to the above point, if TON cryptocurrency does not have the ability to form return patterns at the level of $1.8 and the price breaks this support level downwards. We can say that it has entered a downward trend and this price drop is no longer in a corrective phase.
If the above scenario does not happen, the price is expected to react to the targets of $2.4, $2.6, and $2.9.
Supports: $2, $1.8, $1.5, $1.2
Resistances: $2.4, $2.6, $2.9
