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Home»ALTCOIN NEWS»Can Toncoin bulls regain the upper hand after this rally?
ALTCOIN NEWS

Can Toncoin bulls regain the upper hand after this rally?

By Crypto FlexsSeptember 24, 20243 Mins Read
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Can Toncoin bulls regain the upper hand after this rally?
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  • TON Coin has bounced off its recent 6-month support level and reached a key resistance level near $6.
  • Derivatives data reaffirms bullish sentiment in the short term.

After testing the 6-month support range near $4.6-$4.8, Toncoin (TON) recently witnessed a strong bullish rebound. As a result, the altcoin gained around 22% in the past two weeks and regained its position above the 20-day EMA ($5.54).

At the time of writing, TON was trading at $5.70. It was attempting to challenge the long-term trendline resistance that has been solid since July. A break above this resistance could set the stage for further upside in the coming days.

Toncoin bounces after testing key support levels. What’s next for TON?

Source: TradingView, TON/USDT

TON’s recent recovery was located near a significant point on the chart. If the bulls push the price above the $6 resistance (which coincides with the 200-day EMA at $6.03), Toncoin could see a long-term rally towards $6.78 and $7.00 in the short term.

A break of this level would confirm a strong bullish recovery and potentially lead to a broader uptrend.

However, if TON fails to break the $6 level, a pullback to the $5.54 support (near the 20-day EMA) is expected. A sustained close below this support could trigger a deeper correction, which could push the price back to the $5.00 and $4.86 levels.

The Relative Strength Index (RSI) is currently at 53.50, reflecting neutral momentum. The RSI is just above the midline, suggesting that buyers are still in the game, but it needs to push higher to confirm further gains.

It is worth mentioning that the Awesome Oscillator recently closed above the 0 level, showing a slight bullish edge. Continued holding above this level would reaffirm the bullish bias.

Derivatives data revealed this.

ToncoinToncoin

Source: Coinglass

TON’s volume surged by +44.39% to $233.38 million, reflecting renewed interest in the coin. Open interest also increased by +2.61%, indicating that traders still had positions open amid the recent price action.

The overall long/short ratio was slightly down at 0.9666, but the Binance long/short ratio was bullish at 2.4638, indicating that many Binance traders are betting on a continued recovery.


Read Toncoin (TON) Price Prediction 2024-25


Similarly, OKX’s trader long/short ratio was 1.83, reinforcing the bullish bias of major market participants.

Traders should closely monitor RSI and derivatives data for signs of additional bullish momentum or reversals. Buyers should also consider Bitcoin’s movements and overall sentiment when making a purchase decision.

Next: Cardano Balances Hit All-Time Low – Will This Indicator Trigger an ADA Reversal?

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