The post Toncoin Tests 200-Day EMA Resistance: Bulls Aiming for Upside Potential Amid Recent Market Strength appeared on BitcoinEthereumNews.com.

Toncoin is currently testing critical resistance at the 200-day EMA, raising questions about the sustainability of its recent bullish momentum. Factors contributing to the bullish outlook include a resurgence from key support levels and a significant uptick in trading volume. “The market’s bullish sentiment is indicated by both the MACD crossover and the healthy open interest,” a COINOTAG analyst recently noted. Toncoin is testing vital resistance levels as bullish sentiment surges. Traders watch closely for signs of continued momentum or potential retracement. Toncoin Achieves 17% Gain Over the Past Week Over the past week, Toncoin (TON) has shown remarkable resilience, registering a **17% increase** in value. The price bounced off the significant support level of **$4.6**, reflecting strong buying interest among investors. This recovery is pivotal as it confirms the importance of this support for the bulls, who have battled to maintain this threshold against downward pressures. Technical Indicators Show Positive Momentum As of the latest analysis, Toncoin has broken out of a descending channel pattern, surging past critical moving averages—the **20-day EMA at $5.03** and **50-day EMA at $5.19**. This movement highlights the **increasing buying interest** in the market. Currently, TON trades around **$5.28**, inching closer to the **200-day EMA at $5.47**, a crucial resistance level that could dictate its near-term trajectory. A convincing close above this EMA could propel the price towards the **$6.05 resistance zone**, potentially igniting further bullish momentum. Insights from Derivatives Data The recent surge in Toncoin’s trading activity reflects an encouraging bullish sentiment in the derivatives market. Notably, trading volume shot up by **26.26%**, reaching approximately **$25.46 million**, while open interest increased by **22%**. This indicates that traders feel confident in maintaining their positions during this rally. Despite the overall long/short ratio favoring shorts at **0.6787**, leading exchanges like Binance and OKX report a…

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Filed under: News - @ November 12, 2024 9:19 am