- Toncoin (TON) has been trading just beneath a crucial resistance benchmark of $6.8.
- Strong overhead magnetic zones are likely to drive prices higher.
- Toncoin recently gained approval to be listed on Binance, the world’s largest crypto exchange by trading volume, which is a significant milestone.
Toncoin is poised for a potential breakout with recent bullish trends and strategic Binance listing.
TON Bulls Approach a Vital Resistance Level
The recent rally in Toncoin (TON) has it flirting with a pivotal resistance at $6.8, suggesting potential for further gains. Analyzing the daily chart, TON has shown an impressive ability to rebound from the significant downturn experienced when Bitcoin plunged from $67k to $49k. After dipping below the range lows at $6.75 in late July, TON’s market price stood at $6.62 at the time of writing.
Analysis reveals that, following its ascent from $4.75 over the past week, high trading volumes support the possibility of breaking through the $6.8 resistance in the near term. The Accumulation/Distribution (A/D) indicator has risen, hinting at bullish prospects, although the Chaikin Money Flow (CMF) indicator remains below +0.05, suggesting that sustained buying pressure is essential for a rally.
Despite some bearish undertones in the market structure, the Moving Average Convergence Divergence (MACD) has formed a bullish crossover below the zero line, indicating weak bearish momentum. A daily close above $6.89 could confirm a bullish shift in the market structure.
Further Evidence of TON’s Bullish Potential
Additional analysis points to significant liquidity pools around the $7 mark and higher, precisely at $6.94, $7.27, and $7.6 levels. These liquidity targets provide strategic points for profit-taking should TON cement its bullish trajectory. The synergy of increased network activity and higher supply outside exchanges further fortifies TON’s bullish outlook.
On-chain metrics underscore increased activity on the Open Network (TON), contributing to a bullish sentiment. The strategic Binance listing amplifies this optimism, offering potential for new market participants and heightened trading activity.
Conclusion
In summary, Toncoin is on the brink of a significant breakout as it trades close to a vital resistance point. Robust network activity and strategic factors, such as its recent Binance listing, underpin a bullish trajectory. Sustained buying pressure and strategic profit-taking at identified liquidity targets could catalyze a rally. Investors should watch for a daily close above $6.89 to confirm a bullish market structure and capitalize on potential gains.
