Toncoin Price Set for 15% Rally Due to THESE Bullish Signals

Published by

Zameer Attar

September 9, 2024

Toncoin (TON) Price Spikes to $6.40 on Pantera Capital’s Mega-Investment

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?

Toncoin Performance Analysis

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.

Toncoin Technical Analysis & Key Levels

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.

What On-Chain Metrics Reveal

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.

Key Liquidation Levels to Watch

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.

Is TON the next big thing in cryptocurrency? Decide for yourself.

Zameer Attar

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.