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Toncoin eyes 50% rally as bullish momentum builds

Toncoin eyes 50% rally as bullish momentum builds

GrafaGrafa2024/11/12 11:00
By:Liezl Gambe

Toncoin (CRYPTO:TON), linked to Telegram, has yet to see gains from recent market events, including Donald Trump’s presidential win, which bolstered other cryptocurrencies.

However, sentiment for TON is shifting positively, positioning it for a significant rally.

Technical analysis by CoinPedia indicates that TON has broken through a persistent downtrend and horizontal resistance, barriers that have been in place since July and early September 2024.

This breakout suggests that if TON closes above $5.45 on the daily chart, it could rise as much as 50%, reaching $8.25.

Currently, TON is trading above its 50-day Simple Moving Average (SMA) but remains below the 200-day SMA, indicating a transition from a broader downtrend.

The asset's momentum reflects renewed investor interest, driven by recent price action and a favorable market climate.

On-chain data supports this optimistic outlook.

Coinglass metrics reveal that TON’s Long/Short ratio is at 1.05, signaling bullish sentiment among traders.

Furthermore, open interest has increased by 8.4% in the past 24 hours and by 6.35% in the last four hours, highlighting an uptick in new positions and interest in the token.

Trading at approximately $5.50, TON has experienced a 4.9% increase over the last day.

While its trading volume initially fell by 4.5%, it has now seen a 2.5% rise, indicating growing engagement from investors as confidence in TON builds.

The combination of a strong technical breakout, improved on-chain metrics, and recent upward price movement positions Toncoin for potential growth.

If TON continues on its current path, breaking through key resistance levels, it may achieve the anticipated 50% rally.

At the time of reporting, the Toncoin (TON) price was $5.47. 

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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