Based

bullish

Toncoin

Momentum

View

<p>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.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-ton-s-price-momentum"><strong>TON’s Price Momentum</strong></h2>   
<p>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.&nbsp;</p>   
<p>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.</p>   
<h2 class="wp-block-heading" id="h-toncoin-technical-analysis-and-upcoming-level"><strong>Toncoin Technical Analysis and Upcoming Level</strong></h2>   
<p>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.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/13214127/TONUSDT_2024-09-13_21-41-10.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/13214127/TONUSDT_2024-09-13_21-41-10-1024x448.png" alt="" class="wp-image-350681"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>Based on the historical <a href="https://coinpedia.org/news/toncoin-price-poised-for-15-rally-traders-interest-skyrockets/">price momentum</a>, 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.</p>   
<h2 class="wp-block-heading" id="h-bullish-on-chain-metrics"><strong>Bullish On-chain Metrics</strong></h2>   
<p>However, TON’s bullish outlook is further supported by the on-chain metrics. According to the on-chain analytic firm <a href="https://www.coinglass.com/currencies/TON" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>, 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.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/13214149/sept-13-ton-.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/13214149/sept-13-ton--1024x262.png" alt="" class="wp-image-350682"></a>
 <figcaption class="wp-element-caption">
  Source: CoinGlass
 </figcaption>
</figure>   
<p>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.&nbsp;</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/13214216/njnd.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/13214216/njnd-1024x357.png" alt="" class="wp-image-350683"></a>
 <figcaption class="wp-element-caption">
  Source: CoinGlass
 </figcaption>
</figure>   
<p>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.&nbsp;</p>

Coinpedia Fintech News

Table of Contents

CoinPedia News

Other articles published on Sep 13, 2024

How Will the FED's Interest Rate Decision Affect Bitcoin (BTC) and Cryptocurrencies? Will It Brin...

Bitcoin Faces Struggles to Rebound Amid Bearish Market Pressure

Gold Hits Record High, Setting the Stage for Bitcoin Surge

Consumer watchdogs call for EU action on in-game digital money

Titik Terendah ETH Dapat Terbentuk dalam 2-4 Bulan

MicroStrategy Buys Additional 18,300 Bitcoin (BTC)

Join our free newsletter for daily crypto updates!