Toncoin in 'great entry zone' as Pavel Durov's France exit fuels TON price rally 🚀
Toncoin has surged by more than 50% in the past week, largely due to news that Telegram founder Pavel Durov has been allowed to leave France for Dubai. This has created a bullish sentiment around the cryptocurrency, leading analysts like Crypto Patel to highlight a "great entry zone" for long-term investors.
The price of TON recently bounced from its support level of around $2.50, and is now positioned in a zone that previously acted as resistance. Analysts are optimistic that TON could target higher price levels, possibly reaching $5 by mid-year.
The positive outlook aligns with analyst Profit Mind's falling wedge setup, anticipating that if TON breaks above the upper trendline, it could reach a $6 target. Further bullish signs are indicated by the oversold relative strength index (RSI) and Sharpe ratio, suggesting potential for long-term accumulation.
In derivatives markets, a resurgence in open interest for TON suggests increased activity, with open interest rising significantly. However, funding rates remain mostly negative, indicating a bearish sentiment. Price moves could see aggressive shorting reversed if TON surpasses the $4 mark, leading to forced buybacks and possibly accelerating its upward trend.
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