- Toncoin was trading just below the key resistance level of $6.8.
- The magnetic belt above the head is likely to boost prices.
Ton Coin [TON] Holders had reason to celebrate after news broke recently that the coin had received approval to be listed on Binance. Largest Cryptocurrency Exchange Depending on trading volume.
According to a recent report, open networks [TON] There was a lot of network activity.
Long-term holders are selling and eager to lock in profits, but on-chain indicators are also pointing to increased supply off exchanges, which could point to bullish potential for TON.
TON bulls knock on key resistance level
TON/USDT chart. Source: TradingView
The 1-day chart shows that TON recovered Bitcoin’s losses very quickly. [BTC] It plummeted from $67,000 to $49,000. Towards the end of July, TON fell below the low of the range (purple) at $6.75.
At the time of writing, the market price was $6.62. The token is expected to stabilize for a few days and then break out of the $6.8 resistance zone, due to trading volume as it recovers from $4.75 in the past week.
The A/D indicator has risen, confirming this bullish potential, however the CMF is still below +0.05, indicating that consistently high buying pressure is needed to fuel the upside.
This may take a few days.The MACD has formed a bullish crossover below the zero line, indicating weak overall bearish momentum.
Market structure is also bearish but will turn bullish on a daily close above $6.89.
Further hints that Toncoin is poised to rise
AMBCrypto noted that there is a significant liquidity pool at levels above $7. TON’s next liquidity targets are the 6.94%, $7.27 and $7.6 levels.
Is your portfolio green? Check out the Toncoin Profit Calculator
Buyers can take advantage of the breakdown of the bullish structure and lock in profits at these levels.
Disclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and consists solely of the opinions of the authors.
