Toncoin [TON] has witnessed a remarkable surge, trading 27% higher than its breakout point from a descending triangle pattern. This indicates a potential local peak around the $6.32 level, where the price has momentarily stabilized.
The breakout from a previous downtrend, which had been suppressing its value, marks a significant shift in the market’s dynamics.
The resistance along the descending trendline, which had been establishing lower highs, has been overcome by TON, suggesting a shift from a bearish to a bullish sentiment.
A substantial green candle signifies the strong buying pressure, signaling a rapid value increase within a short timeframe.
Toncoin is now exploring new horizons as the price continues to climb post-breakout, supported by a bullish crossover on the MACD. This positive sign indicates further upward movement in the near future.
If the current levels of support hold, there is a possibility that TON could aim for the $9 mark, attracting more traders looking to capitalize on its newfound bullish momentum.
One crucial question arises: Can TON maintain this upward momentum?
TON Liquidation Heatmap
The TON/USDT pair has experienced notable volatility, especially around critical liquidation thresholds.
Significant leveraged positions faced the risk of liquidation at $6.50, potentially influencing price dynamics around these levels due to the substantial liquidity present. Noteworthy amounts of $915K and $701K were in jeopardy at $5.85 and $6.32, respectively.
An analysis of the market’s liquidity map indicates that these zones could act as either strong support or resistance, depending on whether traders opt to cut their losses or leverage lower prices to their advantage.
The liquidity heatmap offers a visual representation of these dynamics, highlighting densely concentrated liquidity zones.
This configuration implies that TON might either bounce off these levels or break through them if selling pressure intensifies, underscoring the significance of these points for traders to monitor closely.
Insights like these are essential for market participants navigating the complexities of leveraged trading in volatile market conditions.
Active addresses ranked by profitability
Moreover, the majority of TON holders are currently in profit, with 32.64% of addresses ‘In the Money,’ totaling 298K addresses. This positive sentiment could potentially fuel further price hikes.
About 66.71% of holders are ‘At the Money,’ indicating a breakeven situation that could lead to potential price fluctuations. These holders may choose to sell as prices rise or hold for additional gains, influencing TON’s ability to achieve targets like $9.
Only a small fraction, 0.65%, of holders are ‘Out of the Money,’ suggesting minimal immediate selling pressure resulting from losses. This distribution sets the stage for growth, as most holders are not compelled to sell, potentially facilitating a gradual climb towards the $9 threshold.