Telegram-linked Toncoin has not seen a significant rise following Donald Trump's election victory. However, the sentiment is shifting, and the asset may soon embark on a meaningful rally.
Reasons for Toncoin Price Rise
Positive speculation is driven not only by overall bullish market sentiments and Trump's victory but also by notable participation from investors and traders in the past 24 hours.
Toncoin Technical Analysis and Future Levels
According to CoinPedia's technical analysis, TON has broken out from a downtrend and horizontal resistance level it faced from July and early September 2024. If TON closes a daily candle above $5.45, it could surge by 50% to the $8.25 level. Currently, the asset trades above the 50-day SMA and below the 200-day SMA, indicating a downtrend.
Bullish On-Chain Metrics Analysis
Coinglass on-chain analytics indicates TON's Long/Short ratio is 1.05, reflecting strong bullish sentiment. TON's open interest has increased by 8.4% in the past 24 hours and 6.35% in the past four hours, suggesting a rise in open positions.
With positive sentiment and technical analysis, Toncoin might experience a significant rise in the coming days, yet current indicators should be closely monitored for further decisions.
