After a recent drop of over 35%, Toncoin (TON) is showing signs of a strong recovery. The recent breakout from a consolidation zone near a key support level and a descending trendline in the four-hour timeframe has set the stage for a significant upside rally.
The question on everyone’s mind is: Can TON sustain this momentum and reclaim its former glory?
On September 9, 2024, TON surged by over 10% within 24 hours, trading near the $5.11 level. During the same period, its trading volume skyrocketed by 103%, indicating increased trader participation amid the ongoing price recovery.
This impressive price increase triggered breakouts of critical price action patterns, including a five-day consolidation near the $4.5 level and a descending trendline breakout on the four-hour chart.
Expert technical analysis shows that Telegram-based Toncoin (TON) is exhibiting strong bullish momentum. After breaking out of the descending trendline, TON successfully closed a four-hour candle above a strong resistance level.
Based on historical price trends, there’s a high likelihood that TON price could gain an additional 15%, pushing the price towards the $6 level.
Beyond technical indicators, on-chain metrics also reflect a positive outlook. Coinglass’s TON Long/Short ratio currently stands at 1.082, suggesting bullish market sentiment as values above 1 indicate a favorable market outlook. Additionally, open interest for TON futures has risen by 9% in the last 24 hours and continues to climb, signaling a potential buying opportunity for traders.
Traders typically use a combination of long/short ratios and open interest data to inform their trading strategies.
Currently, 51.83% of top traders hold long positions in TON, while 48.17% are shorting it. Major liquidation levels are positioned near $4.8 on the downside and $5.17 on the upside, as traders are heavily leveraged at these points, according to Coinglass data.
Read Also: Will Ethereum Follow Bitcoin’s Lead, or Will Solana Break Away and Shine?
Is TON the next big thing in cryptocurrency? Decide for yourself.
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