Toncoin Open Interest Skyrockets, Eyes on 20% Price Rally
The post Toncoin Open Interest Skyrockets, Eyes on 20% Price Rally appeared first on Coinpedia Fintech News
Telegram-linked Toncoin (TON) has returned to its upward trajectory and is poised for a massive rally in the coming days. Over the past few days, the TON price has experienced a significant rally of more than 20%, while major cryptocurrencies have struggled to gain momentum.
TON’s Price Momentum
On September 13, 2024, with its impressive performance, TON experienced a breakout of a strong resistance level of $5.62 and moved above the 200 Exponential Moving Average (EMA), signaling a trend reversal from a downtrend to an uptrend.
At press time, TON is trading near $5.85 and has experienced a price surge of over 7% in the last 24 hours. Meanwhile, its trading volume has skyrocketed by 45% during the same period, indicating higher participation from traders and investors following the recent breakout.
Toncoin Technical Analysis and Upcoming Level
According to expert technical analysis, TON appears bullish and may soon rally hard. For the past three days, TON struggled near the resistance level, but with strong support from investors and traders, it breached the horizontal level of $5.62. There is a high possibility it may close its daily candle above that level.
Based on the historical price momentum, at present there is not much hurdle in the lane of TON. If it closes a daily candle above the $5.65 level, it could soar by 20% to the $7 level. Currently, TON’s daily chart appears super bullish, potentially attracting more investors and traders.
Bullish On-chain Metrics
However, TON’s bullish outlook is further supported by the on-chain metrics. According to the on-chain analytic firm Coinglass, its long/short ratio currently stands at 1.036, indicating bullish market sentiment among traders. The value of the long/short ratio above 1 indicates bullish sentiment.
Currently, 51% of top traders hold TON’s long positions, while 49% hold short positions. This data suggests that bulls are currently dominating the asset, which could benefit TON in its upcoming rally.
Additionally, TON’s future open interest has skyrocketed by 14%, and 6% in the last four hours, indicating rising long positions and growing trader confidence.
