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Telegram-linked Toncoin ($TON) has returned to its upward trajectory and is poised for a massive 20% rally in the coming days.
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$TON’s long/short ratio currently stands at 1.036, indicating bullish market sentiment among traders.
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$TON’s future open interest has skyrocketed by 14%, and 6% in the last four hours, indicating rising long positions.
Telegram-linked Toncoin ($TON) has returned to its upward trajectory and is poised for a massive rally in the coming days. Over the past few days, the $TON price has experienced a significant rally of more than 20%, while major cryptocurrencies have struggled to gain momentum.
$TON’s Price Momentum
On September 13, 2024, with its impressive performance, $TON experienced a breakout of a strong resistance level of $5.62 and moved above the 200 Exponential Moving Average (EMA), signaling a trend reversal from a downtrend to an uptrend.
At press time, $TON is trading near $5.85 and has experienced 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.
Based on the historical price momentum, at present there is not much hurdle in the lane of $TON. 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 super bullish, potentially attracting more investors and traders.
Bullish On-chain Metrics
However, $TON’s bullish outlook is further supported by the on-chain metrics. According to the on-chain analytic firm Coinglass, its long/short ratio currently stands at 1.036, indicating bullish market sentiment among traders. The value of the long/short ratio 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 currently dominating the asset, which could benefit $TON in its upcoming rally.
Additionally, $TON’s future open interest has skyrocketed by 14%, and 6% in the last four hours, indicating rising long positions and growing trader confidence.
coindesk.com
coinedition.com
beincrypto.com