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Toncoin has been showing resilience following Pavel Durov’s return to Dubai, sparking renewed investor interest and optimistic trading metrics.
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With a 3.04% price increase and a significant 20.83% jump in trading volume, Toncoin is testing critical resistance levels amidst a bullish sentiment.
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“Investor confidence in Pavel Durov’s vision is driving the momentum for Toncoin,” stated a report from COINOTAG, highlighting the importance of leadership in cryptocurrency markets.
Toncoin’s price rallies as Pavel Durov returns to Dubai, revealing strong on-chain metrics. Key resistance levels highlighted for potential breakout.
Toncoin’s price action and technical indicators
Analyzing the 1-hour chart, Toncoin (TON) is positioned within an ascending bullish triangle pattern, currently priced at $3.567. This aligns with a broader bullish trend observed in the altcoin market.
The cryptocurrency has made three attempts to breakout beyond the critical $3.60 resistance zone, facing temporary rejections during each test, indicating strong market dynamics at play.
A successful breakout from this bullish formation may propel TON towards $3.90, which has been a significant resistance point historically.
Source: TradingView
The Relative Strength Index (RSI) for Toncoin currently sits at 58, indicating a strengthening buying pressure. Additionally, the MOVING AVERAGE CONVERGENCE DIVERGENCE (MACD) is suggesting a strong ‘buy’ signal in both the short- and mid-term timeframes.
Conversely, the long-term moving averages are showing a ‘sell’ signal, while the Average Direction Index (ADX, 14) remains neutral, suggesting the need for heightened buying activity to decisively breach the $3.60 level and ignite an uptrend for TON.
A look into the on-chain insights
Recent data from Coinglass indicates a robust increase of 10.55% in Toncoin’s open interest over the last 24 hours, with its Open Interest (OI) Weighted Funding Rate turning positive, pointing towards a growing investor confidence.
With Durov’s philosophies regarding freedom and leadership resonating within the cryptocurrency community, investors appear more inclined to maintain their positions long-term.
Source: Coinglass
Currently, Toncoin is witnessing an uptick in network activity, with a reported rise of 6.75% in active addresses over the past 48 hours, as per Artemis. Furthermore, the total value locked (TVL) in Toncoin’s ecosystem is showing steady growth, reinforcing a positive outlook among investors.
Source: Artemis
According to IntoTheBlock, the total exchange netflow for Toncoin over the past week stands at $46.23K, indicative of a minor sell-off. Notably, a prevalence of large-scale investors holding TON suggests strong institutional interest in the asset.
Over the last 48 hours, an increase in exchange outflows indicates whale accumulation, which is further corroborated by ascending trading volume figures.
As market sentiment leans toward long-term gains driven by Durov’s renewed presence, traders should remain vigilant about Toncoin’s positional movements within the ascending triangle pattern.\nA breakout could propel TON towards the $3.90 resistance level, while failure to maintain upward momentum might culminate in a mid-term price correction.
Conclusion
In summary, Toncoin’s recent price action and on-chain insights reflect a community rallying around the asset, influenced significantly by Pavel Durov’s leadership. Traders are encouraged to monitor key resistance levels and whale activity closely, as these factors could dictate imminent short-term movements in price. The ongoing bullish sentiment may allow Toncoin to break significant barriers and realize further gains.
