Toncoin (TON) is heating up as the cryptocurrency market awaits its highly anticipated listing on Binance, the world’s largest crypto exchange by trading volume. The news has injected a fresh wave of optimism into the TON community, propelling the token towards a crucial resistance level.
A recent surge in network activity on the Open Network (TON) has coincided with a period of profit-taking among long-term holders. However, a deeper dive into on-chain metrics reveals a more bullish narrative. The increasing supply of TON outside of exchanges suggests that investors are accumulating the token, setting the stage for a potential price rally.
Technically, TON has shown remarkable resilience, quickly recovering from the broader market downturn triggered by Bitcoin’s plunge from $67,000 to $49,000. As of writing, the token is consolidating around the $6.62 mark, poised to break through the $6.8 resistance zone. The Accumulation/Distribution indicator supports this bullish outlook, while the Chaikin Money Flow (CMF) suggests that sustained buying pressure is needed to ignite a sustained rally.
Encouragingly, the Moving Average Convergence Divergence (MACD) has formed a bullish crossover below the zero line, indicating a weakening bearish momentum. A daily closing price above $6.89 would shift the market structure from bearish to bullish, further bolstering the case for a TON uptrend.
Also Read: Binance Ignites Toncoin Rally – Price Surges 15%, Trading Volume Doubles
Adding to the bullish sentiment, significant liquidity pools have been identified at and above the $7 mark. This suggests that a breakout could trigger a rapid price increase towards the next resistance levels at $6.94, $7.27, and $7.6.
While the road ahead may involve some consolidation, the confluence of positive factors, including the Binance listing, robust network activity, and bullish technical indicators, positions Toncoin as a promising asset for investors seeking exposure to the growing cryptocurrency market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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