- Toncoin's recent breakout indicates a potential 15% price increase.
- Trading volume surged 103%, reflecting heightened interest and bullish sentiment.
- On-chain metrics support a positive outlook, with key resistance levels holding strong.
Toncoin (TON) has recently faced a sharp decline of over 35%. However, the token is now gearing up for a significant rebound. The price action indicates a bullish trend, with a breakout from a key support zone and a descending trendline on the four-hour chart. As the post below suggests, TON is bullish in the meantime.
Price Surge and Increased Trading Volume
On September 9, 2024, Toncoin saw an impressive price increase of over 10% in just 24 hours. The current trading price stands at approximately $5.11.
During this period, trading volume surged by 103%, reflecting heightened trader activity amid the recovery. This recent price surge has broken through critical patterns, including a five-day consolidation near $4.50 and a descending trendline.
Technical Analysis Points to a Potential Upswing
According to different analysts', Toncoin appears strongly bullish. After the recent breakout, the token has closed a four-hour candle above a significant resistance level. Based on historical price trends, there is a strong possibility that Toncoin could experience a 15% increase. Some analysts believe TON might reach the $6 level soon.
On-Chain Metrics Support the Bullish Outlook
On-chain metrics also suggest a positive outlook for Toncoin. The Long/Short ratio from Coinglass stands at 1.082, indicating a bullish market sentiment. Additionally, Toncoin’s future open interest has risen by 9% in the last 24 hours, signaling strong buying interest. As of writing, 51.83% of top traders hold long positions in Toncoin, while 48.17% are short.
Major liquidation levels are around $4.80 on the downside and $5.17 on the upside. Traders are showing increased leverage at these levels, according to Coinglass data. Both technical analysis and on-chain metrics suggest that Toncoin is set for a promising rally. With rising trader interest, the token could see a notable 15% increase in the near future.
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