Toncoin (TON), a cryptocurrency associated with Telegram, has been on an impressive upward trajectory and is gearing up for a significant rally in the coming days. Over the past few days, the price of TON has surged by more than 20%, even as major cryptocurrencies have struggled to gain momentum.
TON’s Price Momentum
On September 13, 2024, TON showcased an impressive performance by breaking through a strong resistance level of $5.62. It moved above the 200 Exponential Moving Average (EMA), indicating a shift from a downtrend to an uptrend. As of now, TON is trading near $5.85, experiencing a price surge of over 7% in the last 24 hours. Concurrently, its trading volume has soared by 45% during the same period, reflecting increased participation from traders and investors following the recent breakout.
Toncoin Technical Analysis and Upcoming Level
According to expert technical analysis, TON appears bullish and is likely to continue its upward momentum. Despite struggling near the resistance level for the past three days, strong support from investors and traders enabled it to breach the horizontal level of $5.62. There is a high possibility that it may close its daily candle above this level.
Based on historical price trends, there is currently minimal resistance in TON’s path. If it manages to close a daily candle above the $5.65 level, it could potentially surge by 20% to reach the $7 level. The daily chart for TON appears highly bullish, which may attract more investors and traders to the asset.
Bullish On-chain Metrics
TON’s bullish outlook is further bolstered by its on-chain metrics. According to Coinglass, an on-chain analytic firm, its long/short ratio stands at 1.036, indicating a bullish market sentiment among traders. A long/short ratio above 1 signifies a positive market outlook.
Currently, 51% of top traders hold long positions in TON, while 49% hold short positions. This data suggests that bulls are currently dominating the asset, which could work in favor of TON in its upcoming rally. Additionally, TON’s future open interest has increased by 14% and 6% in the last four hours, respectively, indicating a rise in long positions and growing trader confidence.
