Telegram-Linked Toncoin (TON) Poised for 50% Rally, Here’s Why

Share This Post

Tonc Price Analysis

The post Telegram-Linked Toncoin (TON) Poised for 50% Rally, Here’s Why appeared first on Coinpedia Fintech News

So far, Telegram-linked Toncoin (TON) has not benefited from Donald Trump’s presidential victory, unlike other cryptocurrencies that have significantly surged over the past few days. However, sentiment for TON has begun to shift, and the asset is now poised for the notable rally it missed in recent days.

Why Toncoin (TON) Price is Rising?

This positive speculation is not only due to the overall bullish market sentiment and Trump’s presidential victory but also driven by bullish price action and notable participation from investors and traders in the past 24 hours.

Toncoin (TON) Technical Analysis and Upcoming Levels

According to CoinPedia’s technical analysis, TON has broken out from a downtrend and horizontal resistance level that it has been facing since July 2024 and early September 2024. Based on TON’s daily chart, this level has historically acted as an area of selling pressure that caused a significant price decline. 

Source: Trading View

However, with the recent breakout in TON, it appears that there are no significant hurdles stopping the asset from rising in the coming days. Based on recent price action, if TON closes a daily candle above the $5.45 level, there is a strong possibility that it could surge by 50% to reach the $8.25 level in the near future.

Currently, the asset is trading above the 50 Simple Moving Average (SMA) and below the 200 SMA on a daily timeframe, indicating a downtrend.

Bullish On-Chain Metrics 

Along with technical analysis, on-chain metrics further support TON’s bullish outlook. According to the on-chain analytics Coinglass, TON’s Long/Short ratio currently stands at 1.05, indicating a strong bullish sentiment among traders.

Additionally, traders have started participating in Toncoin following the bullish breakout. Data shows that TON’s open interest has increased by 8.4% in the past 24 hours and 6.35% in the past four hours, suggesting a rise in open positions compared to the previous day.

Source: Coinglass

Current Price Momentum 

As of now, TON is trading near the $5.50 level and has experienced a price surge of over 4.90% in the past 24 hours. During the same period, its trading volume which was initially down by 4.5% has now increased by 2.5%, suggesting notable participation from traders and investors amid a bullish outlook.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Time To Sell XRP? Whale Dump $27.2 Million Worth of Tokens

The post Time To Sell XRP Whale Dump $272 Million Worth of Tokens appeared first on Coinpedia Fintech News Ripple’s native token XRP has gained massive attention from crypto enthusiasts due to its

$500M WBTC Burned in the Wake of Coinbase’s Delisting Move

Five days ago, Coinbase announced plans to remove wrapped bitcoin (WBTC) from its platform on Dec 19, 2024 In the days following the announcement, the WBTC supply has contracted Wrapped

Bitcoin ETFs Set New Records in Brazil

The recent bitcoin price hike that has driven exchange rates close to $100,000 per token has also fueled the demand for and prices of Bitcoin exchange-traded fund (ETF) shares in the Brazilian stock

Bullish Signs For Cardano: Expert Forecasts $6 Price Target As Buying Pressure Grows

Cardano (ADA), currently ranked as the ninth-largest cryptocurrency, has emerged as one of the market’s top performers It has experienced an impressive 108% increase over the past two

Key Economic Events In Focus This Week: US PCE, FOMC Minutes, Q3 GDP

The post Key Economic Events In Focus This Week: US PCE, FOMC Minutes, Q3 GDP appeared first on Coinpedia Fintech News The crypto community has witnessed a massive rally in recent days in the

Bitcoin Whales Remain Determined, $3.96 Billion Worth Of BTC Gobbled Up In 96 Hours

All eyes are on Bitcoin, especially as many traders continue to anticipate a break above the $100,000 mark This anticipation has cascaded into a spike in activity, especially among Bitcoin whales