- TON has broken out of a symmetrical triangle formation, signaling a potential bullish phase ahead.
The increase in active addresses shows a surge in buying activity, increasing the likelihood of an upward trend.
As a seasoned analyst with years of experience navigating the cryptocurrency markets, I find myself optimistic about Toncoin [TON]. The recent breakout from a symmetrical triangle formation and the surge in active addresses suggest that we’re on the cusp of a bullish phase.
Although it experienced only minor fluctuations, Toncoin (TON) managed to grow by 8.97% over the past month and saw a modest rise of 0.31% within the last day.
With the expected momentum, TON is anticipated to reach new market highs since August.
The market shapes up for a rally
Starting from August 14th, TON has been moving inside a symmetrical triangle, repeatedly bouncing back within this particular shape.
In simple terms, the pattern we’re seeing with this trade usually leads to a significant price increase. If things go as expected, Token Name (TON) could possibly reach beyond its highest price ever recorded, which was $7.26.
Despite typical breakouts leading to significant momentum, TON demonstrates a delayed rise with its steady climb, as indicated by its modest daily increases of under 1%.
Further analysis reveals that this subdued momentum can be attributed to a major resistance level at $5.826.
Crossing the specified level on TON trading might trigger a steep increase in TON’s price thereafter, accelerating its growth.
Impending massive supply squeeze for TON
Over the last week, the flow of transactions on TON‘s Exchange has steadily decreased, indicating robust demand from buyers for this asset.
This measure tracks the quantity of TON coin listed for trade on various digital currency platforms. A decrease in this amount means fewer TON coins are available for trading, implying that investors may be choosing to keep their assets instead of selling them.
Approximately 478,660 tons of cryptocurrency were withdrawn from exchanges lately, aligning with a surge in trading activity and growing curiosity among investors.
According to data from IntoTheBlock, the count of active trading participants involved in TON has surged to approximately 4.21 million individuals participating in the competition.
The increase in trading among investors is fueling optimism and suggests that there could be a substantial rise in the value of TON.
More green days ahead for TON
Interest in TON has heightened significantly over the past 24 hours.
Read Toncoin’s [TON] Price Prediction 2024–2025
According to the latest information from Coinglass, it appears that the level of commitment among traders, as represented by Open Interest, is significantly rising. This increase could signal that long-term traders are feeling positive and anticipating a potential improvement in TON‘s trading activity.
The trading interest for this asset has grown significantly, now standing at approximately $264.64 million. This surge is due to an impressive 45.4% spike in trading activity. This trend suggests that traders are actively buying the asset, indicating a strong optimism among them towards the market’s future direction.
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2024-09-27 23:35