- TON broke a key resistance and formed a golden cross, signaling potential long-term growth.
- Key support at $6.1 could trigger a rebound, continuing TON’s bullish momentum.
- Increased trading volume and Binance’s bullish sentiment suggest optimism for Toncoin’s price action.
Toncoin (TON) has surged recently, bouncing back strongly from support near $4.6. With the broader market rally and fresh buying interest, TON has reached $6.7 and tested a three-month high. Traders are paying close attention as Toncoin breaks key resistance levels. Can the rally continue? Let’s look at the strategies that could help traders profit from this upward movement.
Will Toncoin Keep Rising?
Toncoin’s latest rally marks a key shift. The price broke above the descending channel that had held it since September. This breakout was accompanied by a golden cross, where the 20-day EMA crossed above the 200-day EMA. Historically, this signals the start of a longer-term uptrend.
Toncoin has since stayed above the 20, 50, and 200-day EMAs. This shows strong bullish momentum. The next key milestone is for the 50-day EMA to cross the 200-day EMA. If that happens, TON might climb higher, with the first major resistance at $6.8, followed by $7.6.
However, there is a chance of a small correction. If Toncoin loses some momentum, the price might drop to $6.1. This is a strong support level, and it also lines up with a liquidity zone. A rebound from this level could spark another round of buying.
Understanding the Derivatives Market
Toncoin’s rally has led to a big rise in trading volume. It jumped 69.39% to $444.65M. This shows increased trader activity as the price moves higher. However, Open Interest dropped by 8.15%, meaning some traders may have closed positions to lock in profits.
The long/short ratio across exchanges is 0.8591, favoring short positions slightly. However, Binance shows more optimism, with a long/short ratio of 3.8473. This suggests more traders on Binance are betting on higher prices.
Traders should also monitor Bitcoin’s movements. Since Bitcoin often leads the market, any shift in its price could affect Toncoin’s future direction. By watching key levels and market sentiment, traders can find opportunities to profit as Toncoin’s rally unfolds.
