Journalist
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Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion
- At press time, TON was up +70% whereas BTC was down -12% in Q3 value efficiency
- Quick and long-term tendencies had been bullish as per Futures market information at press time
Toncoin [TON] outperformed Bitcoin [BTC] on quarterly and weekly fronts. Over the previous week (11-17 September), BTC was up 2.65% whereas TON rallied by 34.9%, based on TradingView.
Is your portfolio inexperienced? Take a look at the TON Revenue Calculator
On the quarterly entrance, TON was up +70% in Q3 2023 primarily based on the press time worth of $2.35. Nonetheless, BTC was down 12% over the identical interval.
It interprets to a +100% restoration if the worth efficiency is extrapolated to the current excessive of $2.55 from the July low of $1.15. The double worth pushed TON into the top-10 membership primarily based on market cap.
What’s subsequent forward of the Fed determination?
Supply: TON/USDT on TradingView
Further market volatility is probably going within the subsequent few hours because the FOMC Assembly will get underway on 19-20 September. A possible dovish stance might tip TON to entrance an additional rally, and the subsequent essential goal is $2.9 (December 2022 excessive).
At press time, value motion had reclaimed the $2.22-level, a key assist in Q3 2023. If bulls defend it and the Fed’s determination is favorable, the rally might lengthen to December highs. In addition to, the $2.5 and $2.65 ranges are key roadblocks to clear to hit the $2.9-target.
Conversely, a drop beneath $2.22 will verify the H4 market construction weakening. Nonetheless, the breakout stage and former weekly bearish order block (OB) of $1.8 – $2.07 might ease the prolonged retracement.
In the meantime, the RSI retreated barely from the overbought zone however didn’t lengthen at press time. It signifies a possible reversal, however a good Fed determination might drive extra shopping for stress.
The CMF was additionally constructive on the chart, regardless of wavering above zero over the previous few days. This indicated that capital inflows had been constructive, however fluctuated.
Futures market information was bullish, however…
Supply: Coinglass
Based on Coinglass’s Lengthy/Quick Ratio, there have been over 50% lengthy positions on day by day charts since 13 September. It signified extra gamers are going lengthy on the asset – A bullish bias.
How a lot are 1,10,100 TONs price as we speak?
The constructive Open Curiosity (OI) charges and Accumulative Swing Index (ASI) additional corroborated the bullish sentiment within the Futures market.
The OI surged from <$10 million on 10 September and was up >$21 million at press time, indicating an uptick in demand.
Supply: Coinalyze
Equally, the ASI, which tracks the energy of value swings, was constructive at 6.77. This highlighted that the long-term value pattern was bullish and in a stable uptrend at press time.
Therefore, additional additional features may very well be seemingly within the quick time period. Even so, the fluctuating funding charges may very well be an issue.
