Toncoin rises 12% in 24 hours: Key factors behind TON’s rise

TON

As a seasoned analyst with a decade of experience under my belt, I must say that the recent 12% surge in Toncoin [TON] within the last 24 hours has caught my attention. This sudden spike, coupled with growing bullish momentum, is reminiscent of a well-timed shot in a game of basketball – unexpected yet impressive.

Toncoin [TON] has witnessed a sudden yet impressive 12% rise in the past 24 hours.

As a seasoned trader with over a decade of experience under my belt, I’ve learned to keep a keen eye out for sudden surges in the market. The recent unexpected rise in the altcoin has definitely caught my attention, and I’ve been closely observing its progress to determine if it has enough bullish strength to break through the main trend line resistance. With my extensive background in trading, I know that identifying these opportunities early can lead to significant profits – but it also requires a keen understanding of market dynamics and a willingness to adapt quickly to changing conditions. In this case, I’m cautiously optimistic about the altcoin’s potential, but I’ll continue to monitor its progress closely before making any investment decisions.

Currently, the value of TON is hovering around $7.12, and a significant barrier for any potential price increase lies at $7.28. This level has previously proven to be an obstacle in the path of further growth.

Toncoin rises 12% in 24 hours: Key factors behind TON’s rise

At the current moment, the Stochastic Relative Strength Index shows signs of an overbought market. This could potentially signal a brief reversal to balance out the discrepancies caused by the abrupt price spikes in the recent past.

Growing market resilience

Exploring further the on-chain statistics, it appears that the optimism among TON token owners is growing noticeably.

Based on IntoTheBlock’s findings, there appears to be an increase in significant transactions, hinting at the involvement of major players in the market.

Before breakouts occur, there’s typically a buildup period, as more investors anticipate continuous upward trends.

Toncoin rises 12% in 24 hours: Key factors behind TON’s rise

At present, information from IntoTheBlock indicates that approximately 65.12% of all TON accounts are currently in a profitable position, as they’ve made more than their initial investment – a trend worth noting alongside the recent increase in significant transactions.

What the liquidation pool has in store for TON

According to AMBCrypto’s study on liquidation data, there appears to be a possible price attraction point around $6.9. Should this threshold be surpassed, approximately 703,000 TON tokens could be offloaded, thereby intensifying the downward selling force.

At this point, the TON price might be drawn towards this level. Following a brief dip, there could be a resumption of its uptrend in the near future.

It’s probable that the value of TON could drop to around $6.9 in order to empty the liquidity pool, which might lead to a temporary downturn. But if demand stays strong, it could skip this brief decline and continue its upward trend instead.

TDOG plays a part?

As a crypto investor, I’ve been keeping a close eye on the Toncoin blockchain’s recent venture into the world of meme coins, specifically Ton Dog (TDOG). Given its significance, as outlined on their official website, this latest memecoin could potentially have contributed significantly to the surge in TON‘s price.

“Is a strategy designed to create excitement and momentum around $TDOG on the TON chain.”

The description further went on to state,

Supported by a strong collective, this strategy keeps $TDOG leading the pack in the meme cryptocurrency sector.

Currently, a single TDOG is being exchanged for approximately 0.0003168 TON, and over the past day, there’s been a decrease of 4.78% in its value, as reported by CoinMarketCap.

2024-08-15 10:18

Growing market resilience

What the liquidation pool has in store for TON

TDOG plays a part?

Read More