Toncoin’s (TON) price may have dissociated from that of Bitcoin and the broader market, but a correction could be ahead.
Toncoin (TON) has maintained its self-paced bullish advance at a time when the bulk of coins are seeing selloffs.
The coin has increased by 6.22% in the past 24 hours to $7.67 at the time of writing.
This ecosystem has assisted it in maintaining the appropriate metrics, thereby reducing its 3.47% loss over the past week.
The Toncoin Uncertainty
Currently, Toncoin is the sole digital currency in the top 10 most capitalized coins that has experienced a visible increase.
The 24-hour gain has enabled it to prolong its monthly rally, despite its losses over the past week.
Within this timeline, the coin has experienced a growth rate of over 23.8%, surpassing Bitcoin, which showed a 5.4% decline during the same period.
Amidst this optimistic outlook, Ali Martinez, a prominent market analyst, has predicted a probable retracement.
He disclosed a 4-hour chart for the TON/USDT Perpetual Contract that indicates a sell signal.
The TD Sequential indicator, which suggests that Toncoin may experience a decline of one to four candlesticks, reinforces this sell signal.
This projection may appear alarming to Toncoin investors; however, TON has experienced an impressive rally this month.
According to Cryptorank’s data, the Month-to-Date (MTD) growth rate is 21.6%, which implies that June has not been as adverse as its peers.
Moreover, Ali Martinez’s projection necessitates that current holders of TONs implement risk management.
Although crypto fundamentals may fluctuate, an overbuying trend will typically result in a reversal.
With current trading volume at $238,266,211, up 13.6% in 24 hours, the favorable sentiment highlights how long traders have been on the currency.
The TD Sequential insight has highlighted the TON uncertainty, which may influence the selections of certain traders in the upcoming week.
Fundamentals Still Matter
Toncoin’s growth continues to be driven by its ecosystem fundamentals.
The project’s partnership with Telegram and its widely used game applications has resulted in significant demand across the board.
The success of Notcoin, which achieved millions in Total Value Locked (TVL) at inception, is being emulated by numerous new games.
Besides this game, Toncoin is receiving support from numerous prominent platforms in the industry.
Binance exchange has recently disclosed the integration of Tether (USDT) on Toncoin, a listing that has the potential to increase the accessibility of the TON ecosystem.
These fundamentals may assist Toncoin in regaining its resilience, even if the price of TON experiences a reversal.
