Assessing TON’s price breakout and where altcoin might be heading
The post Assessing TON’s price breakout and where altcoin might be heading appeared on BitcoinEthereumNews.com.
Inverted head and shoulders breakout positioned TON for a potential move above $5.848 Market confidence has been on the rise, with technical indicators and on-chain metrics in line with bullish momentum Toncoin’s [TON] price chart revealed a strong bullish set-up that grabbed the crypto market’s attention, one supported by both technical and on-chain metrics. At press time, TON was trading at $5.808, following a 0.35% hike over the last 24 hours. However, the question remains whether TON can maintain this momentum and confirm a lasting upward trend on the charts. Evidence of bullish momentum The inverted head and shoulders pattern is a widely recognized bullish signal, indicating a potential reversal in TON’s price trajectory. The breakout above the descending trendline further validated the positive sentiment – A sign of increasing buying pressure. However, the resistance at $5.848 could present a significant challenge if buying momentum weakens. Additionally, clearing this level would likely pave the way for stronger price action in the near term. Source: TradingView TON’s on-chain signals show steady accumulation TON’s on-chain metrics offered a bullish outlook. The Net Network Growth was neutral at 0.70%, reflecting stability in network activity. Additionally, the concentration of top holders slightly increased by 0.11% – A sign of sustained confidence from key players. On the contrary, the 2.01% decline in large transactions highlighted reduced activity among whales. Despite this, the steady accumulation by smaller participants seemed to reinforce the bullish sentiment for TON. Source: IntoTheBlock More room to grow? At press time, the MVRV ratio stood at 14.16%, reflecting moderate profitability among holders without signaling an overbought market. This level suggested that TON still has room for further upward movement, before triggering significant sell-offs. However, sustaining this momentum will require additional buying pressure to overcome the resistance at $5.848. Therefore, market participants should…
Filed under: News - @ January 5, 2025 5:05 am