- Inverted head and shoulders breakout positioned TON for a potential move above $5.848
- Market confidence has been on the rise, with technical indicators and on-chain metrics in line with bullish momentum
Toncoin‘s [TON] price pattern has generated a robust bullish structure that has caught the attention of crypto market observers. This favorable setup is bolstered by both technical indicators and on-chain data. Currently, TON is being traded at $5.808, marking a 0.35% increase over the previous 24 hours.
Nevertheless, it’s uncertain if TON can sustain its current pace and establish a persistent uptrend in its chart trajectory.
Evidence of bullish momentum
The upside-down “head and shoulders” chart formation in TON’s price movement is often seen as a bullish symbol, suggesting a possible change in direction for its upward trend. When it surpasses the falling trendline, this serves as additional confirmation of the optimistic outlook – an indication of growing buying interest.
But should the purchasing force weaken, the barrier at $5.848 might prove quite formidable. Overcoming this level, though, could lead to more robust price movements in the immediate future.
TON’s on-chain signals show steady accumulation
According to TON’s on-chain data, there is a positive forecast as the overall trend indicates growth. The Network Growth Rate remained steady at 0.70%, showing consistency in network activity levels. Furthermore, a slight uptick of 0.11% was observed in the number of top holders, suggesting that influential players continue to have faith in this platform.
Contrarily, the 2.01% drop in significant transactions suggests a decrease in trading volume among the ‘whales’. Yet, the persistent acquisition by smaller investors appears to bolster the optimistic outlook for TON, suggesting that they continue to buy despite this decline.
More room to grow?
Currently, as a crypto investor, I’m observing that the MVRV ratio is sitting at 14.16%. This figure indicates that TON investors are generally profiting moderately, but it doesn’t signal an overly crowded or overbought market. In other words, there seems to be potential for TON to continue its upward trajectory before we might see substantial sell-offs.
Maintaining this pace calls for more buyers stepping in to surmount the barrier at $5.848. Consequently, it’s crucial for investors to stay vigilant and observe any changes in market sentiment.
Technical indicators reinforce optimism
The technical analysis of the altcoin supports a positive perspective for TON. The DMI (Directional Movement Index) demonstrates robust trend power, as the -DI (negative directional index) stands at 22.15 while the +DI (positive directional index) is at 19.82. This suggests that, although sellers remain somewhat active, buyers are gradually taking control.
The ADX reading of 20.39 confirmed that the trend has significant strength behind it.
Moreover, the Stochastic RSI stood at 86.69, indicating it was approaching overbought territory but still signaling a potential continuation of growth. In other words, these technical signs implied that TON might continue to rise as buyers seemed to be gaining dominance in the market.
Read Toncoin’s [TON] Price Prediction 2025–2026
Can TON maintain its bullish trend?
According to both technical indicators and blockchain data, it appears the upward trend for TON’s price is likely to persist.
If the price of TON surpasses $5.848 significantly, it will signal a strong upward trend. This could suggest that TON might continue to climb higher in the short term, maintaining its bullish momentum.
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2025-01-05 08:07