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  • Zameer Attar
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    Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

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    Toncoin Open Interest Skyrockets, Eyes on 20% Price Rally

    Story Highlights
    • Telegram-linked Toncoin (TON) has returned to its upward trajectory and is poised for a massive 20% rally in the coming days.

    • TONโ€™s long/short ratio currently stands at 1.036, indicating bullish market sentiment among traders.

    • TONโ€™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.ย 

    TONโ€™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.ย 

    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.

    Source: Trading View

    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, TONโ€™s daily chart appears super bullish, potentially attracting more investors and traders.

    Bullish On-chain Metrics

    However, TONโ€™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.

    Source: CoinGlass

    Currently, 51% of top traders hold TONโ€™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. 

    Source: CoinGlass

    Additionally, TONโ€™s future open interest has skyrocketed by 14%, and 6% in the last four hours, indicating rising long positions and growing trader confidence. 

    Also Check Out: Is Altseason on the Horizon? Hereโ€™s What You Need to Know

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