TON has reached the target of $6,763, which we set for it in our review yesterday.
The price is testing the 50 EMA of the daily TF and it doesn’t look like there will be a consolidation higher today.
The price has gone through a noticeable growth on the news about the listing on #Binance. And locally there is a situation very similar to the BTC chart and a number of altcoins. The price is in the third wave and is preparing for a correction. Optimally - not below the volume level of $ 6,153. The breakdown of the structure - when going under $ 5,848.
Let's repeat what we wrote yesterday:
"In general,#TONon the monthly TF has a maximum of 1-2 months of upward movement before a long-term correction. With the ATH update. But globally, the asset is still very overvalued even at the current price. Plus, already from September, TON may give the "Expensive" signal, the trend reversal indicator (the first signal on this TF). And this suggests that the high will be set in August-October and then a long correction of growth will begin from February 2024. The correction that took place in July-August is not it yet. The brewing altseason could break such a signal. But in the case of TON, this is not a guarantee."
We fully admit that despite the very strong overbought condition, in these 1-2 months the ATH for the asset will be updated, and the psychological $10 will be broken. But in the fall the asset will very, very likely be in correction. The prerequisites for this are so strong that the asset may go against the generally growing market.
Not the ultimate truth, of course, just our vision.
