- Toncoin was trading just below the critical resistance level at $6.8.
- The magnetic zones overhead are likely to pull prices higher.
As a seasoned analyst with years of experience under my belt, I find myself quite optimistic about Toncoin [TON] in the current market scenario. Having seen numerous bull and bear cycles, I can confidently say that TON’s recent listing on Binance and its robust network activity are strong indicators of its potential growth.
Excited Toncoin [TON] owners got a reason to cheer as the announcement surfaced that their coin would be featured on Binance, the most active cryptocurrency trading platform globally.
A recent report noted that the Open Network [TON] saw robust network activity.
In simpler terms, those who’ve held onto TON for a while are cashing out their profits. But interestingly, more TON coins are moving off exchanges too, suggesting that the coin could see an upward trend in the future.
TON bulls knock on the doors of a crucial resistance level
In simple terms, the one-day graph demonstrated that TON swiftly rebounded and recouped its losses following Bitcoin‘s [BTC] drop from $67k to $49k. By the end of July, TON had dipped below the lower support level (purple) at approximately $6.75.
As I write this, the token’s market price stands at $6.62. There’s a forecast that it might consolidate for a couple of days before breaking through the $6.8 resistance level. This prediction is largely based on the significant trading volume we’ve seen during the recent recovery from $4.75 over the past week.
In simpler terms, the A/D ratio significantly increased, supporting the notion of a bullish trend. Yet, the Cumulative Match Factor (CMF) remains below 0.05, suggesting that a consistent surge in buying pressure is required to spark a significant market uptrend.
As a crypto investor, I’ve noticed that the Moving Average Convergence Divergence (MACD) has just made a bullish crossover beneath the zero line. This suggests that the overall bearish momentum is currently weak and there might be a potential shift in trend coming up, which could take a few days to materialize.
As a crypto investor, I’ve noticed the market trending bearishly, but if we manage to close the daily session above $6.89, it could potentially signal a bullish reversal for me.
More hints that Toncoin is ready for a rally
In simpler terms, AMBCrypto points out that significant liquidity reserves are found at and beyond the $7 price point. Potential future liquidity thresholds for TON could be around 6.94%, $7.27, and $7.6.
Is your portfolio green? Check the Toncoin Profit Calculator
Buyers can capitalize on a bullish structure breaks and use these levels to take-profits at.
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2024-08-12 02:15