Overcoming past hurdles in achieving substantial growth due to its market intricacies, Toncoin [TON] has shown recent positive momentum, with a monthly increase of 8.35% and a weekly rise of 3.62%.
Conversely, daily fluctuations have maintained stability.
Despite the daily chart displaying consistent activity, the market progress of TON positions it for an upward movement.
Potential Upsurge in Liquidity
Currently, TON is in an ascending triangle pattern, often a precursor to significant upswings.
On September 27th, TON briefly broke out of this pattern, only to retreat back after encountering a supply zone.
Recently, TON found support within the ascending triangle, signaling the start of an upward trend.
Once TON closes above the upper resistance line at 5.818, it could propel towards $6.503, marking a substantial rally.
If TON fails to surpass this barrier, it might trade within the pattern, reverting to the support level while accumulating the necessary liquidity to breach the resistance.
Recent findings indicate a decrease in market participants alongside an impending supply deficit, potentially fueling TON’s next surge.
Increasing Trading Activity for TON
Data from IntoTheBlock reveals a drop in active addresses post a surge in TON’s value.
Currently, there are around 6.02 million active addresses, indicating subdued trading within TON’s ecosystem, reflective of the prevailing market sentiment.
Despite this, CryptoCrypto asserts a bullish trend, evident through the negative exchange flow.
The Exchange Netflow, tracking TON availability across exchanges, has declined by 1.5 million, hinting at a shift towards private wallets for long-term holding.
Such movements often trigger a supply shortage, intensifying demand and potentially driving TON’s value higher.
Awaiting Definitive Confirmation of a Bullish Path for TON
While various market indicators point towards a positive trajectory for TON, a resolute confirmation is still pending.
Open Interest data, reflecting trader engagement, hints at a slight bearish sentiment among some participants.
With Open Interest marginally dropping by 0.41% to $257.15 million, a reversal to positive territory would serve as added validation for TON’s impending upward trend in future trading sessions.