• TON has been consolidating between $2.2 and $2.6 since the end of January, and its price action recently retested a key value area that could offer a strong rebound.
• If pullback retests its point of control (POC) of $2.3, bulls could get new buying opportunities with a target at the bearish order block of $2.6 for a potential 20% hike with a risk-to-reward (RR) ratio of 1:4.
• Santiment data reveals network accumulation, rising Mean Coin Age, positive weighted sentiment and an increase in daily active addresses – all indicators suggesting TON’s potential to pump towards the supply zone.

Overview

Since the end of January, The Open Network’s TON has been consolidating in the $2.2 – $2.6 range and its price action recently retested a key value area that could induce the market to a recovery.

Analysis

At press time, TON had retested the demand zone (green) and the high-value node (HVN) of the Fixed Range Value Profile (FRVP). The FRPV’s point of control (POC), red line, of $2.3 had the highest traded volume and could offer a strong recovery if pullback retests it. Therefore, bulls could get new buying opportunities at $2.3 with a target at the bearish order block of $