Toncoin Eyes 15% Surge if It Breaks $3.37 Barrier
Key Takeaways
Toncoin (TON) is showing a bullish tendency despite an uncertain market environment. The cryptocurrency has gained 3.5% in the last 24 hours and could continue to rise if it breaks above $3.37. Technical indicators and on-chain data suggest that a price increase of up to 15% is possible.
Current Price Development and Technical Analysis
At the time of analysis, TON was trading at $3.35. Despite the price increase, trading volume dropped by 14%, indicating cautious market participation. Technical analysis shows an ascending triangle, a classic bullish pattern. If TON breaks above $3.37, the price could initially rise to $3.60. A closing price above $3.40 could trigger a further rally of up to 15%.
A potential obstacle is the Average Directional Index (ADX), which stands at 18. This value signals weak trend strength despite the positive price movement.
Market Sentiment and Trading Activities
According to data from Coinglass, long positions currently dominate the market. Traders are heavily leveraged at $3.184, holding positions worth $1.5 million. At the same time, there are short positions worth $900,000 at $3.40.
On-Chain Data: Capital Flows and Investor Behavior
On-chain data shows that TON tokens worth $2.34 million have been withdrawn from exchanges in recent days. This suggests that investors are holding their assets and betting on further price increases.
Our Assessment
Toncoin is showing a short-term bullish tendency, but weak trend strength could slow down a larger rally. A sustained breakout above $3.40 would be a strong signal for further growth. The capital outflows from exchanges and the high number of long positions indicate an optimistic market sentiment. However, investors should keep an eye on fluctuating trading activity and the overall market situation.
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