Durov's Move Fuels TON Rally

Toncoin (TON) experienced a remarkable surge, climbing over 50% in a week. This rally follows news of Telegram founder Pavel Durov's move from France to Dubai.

TON Price Analysis: A Bullish Outlook?

After reaching a yearly low of $2.35, TON’s rebound has caught the attention of traders. Analyst Crypto Patel identified a "great entry zone" for long-term investors, noting the price "perfectly bounced" from its support level around $2.50. This support aligns with the $2.40-$3.00 range that acted as resistance in previous periods.

A sustained rebound could push TON towards its descending trendline resistance, potentially reaching $5 by June or July. Analyst Profit Mind’s falling wedge setup suggests a possible price increase to $6 if the upper trendline is broken. Crypto Billion also anticipates a bullish reversal, citing an oversold Relative Strength Index (RSI).

Further supporting the bullish sentiment, Toncoin’s 180-day average Sharpe ratio dropped below -25, historically preceding bullish reversals.

Derivatives Market: A Mixed Picture

Open interest (OI) in TON futures has surged to approximately $169.12 million, indicating increased activity. However, negative funding rates suggest prevalent short positions and bearish sentiment. A significant price movement either way could trigger substantial liquidations.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Conduct thorough research before making any investment decisions.