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It is almost an entire month since the FTX crash took place and it seems that the pressure on the crypto market is finally fading away.
It has been felt in the recent market trading sessions that the cryptocurrencies have started to make a recovery from a long-running bearish trend.
Initially, the cryptocurrency market saw the major currencies such as BTC, ETH, LTC, and more, make it out of the difficult times.
However, the recovery is now expanding and even medium- and small-level cryptocurrencies are experiencing the recovery.
Performance of Toncoin (TON)
Toncoin, which is the 27th largest cryptocurrency with a $2.21 billion market capitalization is also among the recovering assets.
Although the recovery witnessed for Toncoin is not as strong as the likes of major currencies, still, it is making a difference for the investors.
On November 30, TON was able to demonstrate a strong push as it moved over the symmetrical triangle pattern with a nudge.
Just when it happened, the bulls had the opportunity to launch a strong rally and push TON’s price higher. Unfortunately, the bulls were not ready for that and failed to keep up with their buying.
The available bulls did try their best to push TON’s trading price higher but it was a failed attempt. They lost their battle against the bears on the higher levels and the bears pulled TON downwards.
The trend could be seen on the live price chart for TON which shows that a long wick had been formed on the candlestick for the particular day.
Bulls Defended 20-day EMA
On November 30, the bears were able to pull TON to a low of $1.70 and they wanted to drag it lower. However, the $1.73 was a 20-day EMA, which was strongly defended by the bulls.
They increased their buying pressure and were able to rebound TON’s price over the $1.73 mark. Since then, the bulls have not let the bears bring TON’s price lower to the same level.
This confirms that the bulls are not ready to let go of the bullish sentiments that easily. They are buying TON whenever there is a dip, especially when the trading price of TON comes closer to $1.73.
The Buyers have an Advantage
The technical analysis data from TradingView shows that the bulls currently have an advantage over the bears. This is because the technical indicators are supporting the bullish side versus the bearish.
The relative strength index has recently moved into bullish territory and so have the moving averages. They are currently supporting the bullish side, which means that the trading price of TON could move higher.
With the technical factors supporting TON, there is a strong possibility that strong rallies may be formed. This would only help push the trading price of TON much higher than its current trading level.
TON to Surge to $2.87
Given the current market sentiments and the bullish indicators, the trading price of TON may continue surging. If the sentiments remain positive, then the trading price of TON may surge to a higher level.
If the rallies stay strong, then the trading price of TON may surge to a high of $2.15. The bulls may have to face strong challenges from the bears as they will try to pull TON’s price lower and below the 20-day EMA.
However, if the bulls keep winning, they will be able to push it over the $2.50 mark.
There is another major factor that may help pump the price of TON at a faster rate. It is the Feds introducing weaker interest rate hikes that they have already confirmed in the November meeting.
If that happens, then the dollar price would continue plummeting, allowing the rest of the cryptocurrencies to move higher.
In that case, the value of TON may also move higher and the investors saving more money due to low inflation rates would invest them into crypto.
As the overall cryptocurrency industry recovers from the downtrend, TON will also find itself being pushed to higher levels. In such a case, the trading price of TON may surge to $2.87.
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