Toncoin has performed well over the past week, recovering all the losses. The $6.75 resistance zone was likely to be breached soon.
holders had a reason to celebrate after the news broke recently that the coin secured clearance to be listed on Binance, the
Long-term holders have been selling and indulging in some profit-taking. However, on-chain metrics also showed increased supply outside of exchanges, meaning that TON hasAt press time the market price was $6.62. It is expected that the token would consolidate for a few days before bursting past the $$6.8 resistance zone. This was because of the trading volume during the recovery from $4.75 in the past week.
The A/D indicator jumped higher to reinforce this bullish possibility. However, the CMF was still not above +0.05, showing that buying pressure needs to be consistently high to drive a rally. This could take a few days. The MACD formed a bullish crossover below the zero line, indicating weak bearish momentum overall.
The market structure was also bearish, but a daily session close above $6.89 would flip this bullishly.AMBCrypto noted that there were sizeable liquidity pools at and above the $7 mark. The %6.94, $7.27, and $7.6 levels are the next liquidity targets for TON.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
![Here’s how and why Toncoin’s [TON] Open Interest hit record highs](https://i.headtopics.com/images/2024/7/13/cryptoamb/here-s-how-and-why-toncoin-s-ton-open-interest-hit-here-s-how-and-why-toncoin-s-ton-open-interest-hit-7D0D7D6EE62334332054F1AB749209A5.webp?w=640)
Here’s how and why Toncoin’s [TON] Open Interest hit record highsOpen Interest in Toncoin significantly rose over the past several weeks. Will TON's price appreciate further? The charts say...
Read more »
Toncoin outlook: Can TON hit $8 price target this week?Toncoin price experienced a substantial increase as the broader cryptocurrency market rebounded over the past several days.
Read more »
Toncoin price prediction – Is TON’s fall below $7 good news for you?Toncoin [TON] is perhaps one of the best-performing cryptocurrencies of 2024. On a YTD (year-to-date) basis, TON, at press time, was up...
Read more »
Toncoin: Is HODLing TON the way to go for buyers?After its latest bearish rally, Toncoin [TON] fell below its 20-day and 50-day EMA after witnessing a strong selling edge. Sellers renewed th
Read more »
Toncoin takes off: Binance listing boosts TON by 13%Toncoin gears up for interesting times ahead after securing listing approval on the Binance crypto exchange.
Read more »
Here’s how Toncoin fared after TON’s Binance listingToncoin's Binance listing has had huge boost on TON, driving its trading volume and prices up by a large margin.
Read more »