The much-anticipated recovery of Toncoin (TON) continues to gain momentum. Over the past few days, the TON price has increased by more than 20%, despite the general downturn in the cryptocurrency sector.
TON’s Price Momentum
On September 13, 2024, TON broke through the strong resistance level of $5.62 and moved above the 200 Exponential Moving Average (EMA), signaling a shift from a downtrend to an uptrend. At press time, TON is trading near $5.85, experiencing a price surge of over 7% in the last 24 hours. Meanwhile, its trading volume has skyrocketed by 45% during the same period, indicating higher participation from traders and investors following the recent breakout.
Toncoin Technical Analysis and Upcoming Level
According to expert technical analysis, TON appears bullish and may soon rally hard. For the past three days, TON struggled near the resistance level, but with strong support from investors and traders, it breached the horizontal level of $5.62. There is a high possibility it may close its daily candle above that level. Historical price momentum suggests that if it closes a daily candle above the $5.65 level, it could soar by 20% to the $7 level. Currently, TON’s daily chart appears very bullish, potentially attracting more investors and traders.
Bullish On-chain Metrics
TON's bullish outlook is further supported by on-chain metrics. According to the on-chain analytic firm Coinglass, its long/short ratio stands at 1.036, indicating bullish market sentiment among traders. A value above 1 indicates bullish sentiment. Currently, 51% of top traders hold TON’s long positions, while 49% hold short positions. This data suggests that bulls are dominating the asset, which could benefit TON in its upcoming rally. Moreover, TON’s future open interest has skyrocketed by 14% in the last four hours, indicating rising long positions and growing trader confidence.
In conclusion, Toncoin is demonstrating impressive growth amidst a general cryptocurrency decline. Analysts and investors are closely watching TON's performance, noting its high potential for further growth.
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