Toncoin (TON) is a cryptocurrency that has seen a significant increase in its price, but it also carries certain risks. Here are some of the factors to consider:
Market Volatility: TON is subject to high volatility. Prices can fluctuate widely over very short periods due to factors such as market sentiment, regulatory news and broader economic indicators. This volatility can result in significant losses if not managed properly1.
Technical Levels and Analysis: The current price of TON is near a multi-week horizontal resistance. If a correction occurs, the next downside target could be around $6.55 USD, representing a possible 20% decline by the end of June2.
Open Interest and Funding Rates: Although open interest on TON futures has increased, the funding rate is negative. This suggests that there are more short positions than long positions in the market. If shorts cover their positions and buying pressure subsides, there could be a reversal or consolidation resulting in a significant price drop2.
Ascending triangle pattern: TON is consolidating within an ascending triangle pattern. If a breakout occurs, the bullish target could be around $13.30, representing a 65% upside from current levels, possibly in July2.
In summary, although TON has potential, it is important to consider these risks before investing. Do your own research and manage your investments carefully. 🚀💡