Toncoin’s The price is in a short-term uptrend, which suggests a bullish scenario for the Telegram-based token. The increasing demand is also making investors optimistic, and this process could lead to significant gains. Toncoin’s price could continue its uptrend and even break the monthly high resistance at $7.07.
What’s Happening on the Toncoin Front?
This is an important price level as it has been rigorously tested as both resistance and support. However, it is very important to break it now as it could significantly change the investor’s portfolio. According to the Global In/Out of the Money (GIOM) indicator, investors have invested 803 million between $6.16 and $6.85 TON bought. The altcoin is currently changing hands at $6.52 and is close to breaking out of the upper end of the range. Doing so would make this supply worth over $5.2 billion fully profitable, triggering demand and a rally. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Investors altcoin’s is optimistic about an increase in the funding rate, as seen in the funding rate. The funding rate is turning positive for the first time in two weeks, marking a significant shift in market sentiment. The shift suggests that investors are becoming more optimistic as the cost of holding long positions now outpaces short positions.
This positive funding rate suggests that long contracts are starting to dominate the market. This shift is happening as investors increasingly prefer upward price movements. in the near future could signal the potential for an uptrend.
TON Graphic Analysis
Toncoin’s price could continue its ongoing downtrend as the gradual recovery charts a recovery path. Also, demand could be restored once TON breaks through the $7.07 resistance. This would allow a rally to $7.53, a level that has not been tested since mid-July. Turning this into support would allow Toncoin to continue its upward journey and potentially break past the all-time high of $8.28.
On the other hand, a failed breach of $7.07 will send the altcoin into consolidation within this resistance and the $6.43 support. Losing the uptrend could invalidate the bullish thesis and prolong traders’ wait for profits.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
