Toncoin [TON] climbs into resistance zone, but momentum favored the bulls

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Toncoin [TON] has gained 15.85% in the past week, measured from the swing low at $1.96 that TON registered last Saturday. It appeared likely that bulls could continue to drive prices higher. Yet, Bitcoin [BTC] showed the possibility of a reversal around the $29k area. This could negatively impact TON prices.

Read Toncoin’s [TON] Price Prediction 2023-24

The technical indicators of Toncoin showed strong short-term bullish momentum. The market structure on the four-hour chart also favored the bulls. Yet, the data from the futures market lent some strength to the bearish argument.

Source: TON/USDT on TradingView

At the time of writing, TON was trading at $2.238. It has broken above the $2.2 horizontal level of resistance, but it is not yet strongly bullish. TON has formed a series of higher lows over the past week after the drop to $2, as well as broken above the lower high at $2.18.

This made its lower timeframe market structure bullish, but the bearish order block in the $2.25 area highlighted in red could rebuff bullish efforts. The MACD showed strong bullish momentum as it burst out above the zero line. The 21 and 55-period moving averages were on the verge of forming a bullish crossover as well.

Therefore, the expectation was continued bullishness for TON in the next day or two. However, the weekend could see a lack of volume and extra volatility. With Bitcoin also near the $28.7k resistance, TON buyers must exercise caution.

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Source: Coinglass

This Coinglass chart showed that Open Interest has been on the rise over the