Toncoin Eyes Bullish Breakout As It Approaches Critical $6.8 Resistance Level
The post Toncoin Eyes Bullish Breakout As It Approaches Critical $6.8 Resistance Level appeared on BitcoinEthereumNews.com.
Toncoin (TON) has been trading just beneath a crucial resistance benchmark of $6.8. Strong overhead magnetic zones are likely to drive prices higher. Toncoin recently gained approval to be listed on Binance, the world’s largest crypto exchange by trading volume, which is a significant milestone. Toncoin is poised for a potential breakout with recent bullish trends and strategic Binance listing. TON Bulls Approach a Vital Resistance Level The recent rally in Toncoin (TON) has it flirting with a pivotal resistance at $6.8, suggesting potential for further gains. Analyzing the daily chart, TON has shown an impressive ability to rebound from the significant downturn experienced when Bitcoin plunged from $67k to $49k. After dipping below the range lows at $6.75 in late July, TON’s market price stood at $6.62 at the time of writing. Analysis reveals that, following its ascent from $4.75 over the past week, high trading volumes support the possibility of breaking through the $6.8 resistance in the near term. The Accumulation/Distribution (A/D) indicator has risen, hinting at bullish prospects, although the Chaikin Money Flow (CMF) indicator remains below +0.05, suggesting that sustained buying pressure is essential for a rally. Despite some bearish undertones in the market structure, the Moving Average Convergence Divergence (MACD) has formed a bullish crossover below the zero line, indicating weak bearish momentum. A daily close above $6.89 could confirm a bullish shift in the market structure. Further Evidence of TON’s Bullish Potential Additional analysis points to significant liquidity pools around the $7 mark and higher, precisely at $6.94, $7.27, and $7.6 levels. These liquidity targets provide strategic points for profit-taking should TON cement its bullish trajectory. The synergy of increased network activity and higher supply outside exchanges further fortifies TON’s bullish outlook. On-chain metrics underscore increased activity on the Open Network (TON), contributing to…
Filed under: News - @ August 11, 2024 11:10 pm