So far, Telegram-linked Toncoin (TON) has not benefited from Donald Trump’s presidential victory, unlike other cryptocurrencies that have significantly surged over the past few days. However, sentiment for TON has begun to shift, and the asset is now poised for the notable rally it missed in recent days.
Why Toncoin (TON) Price is Rising?
This positive speculation is not only due to the overall bullish market sentiment and Trump’s presidential victory but also driven by bullish price action and notable participation from investors and traders in the past 24 hours.
Toncoin (TON) Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, TON has broken out from a downtrend and horizontal resistance level that it has been facing since July 2024 and early September 2024. Based on TON’s daily chart, this level has historically acted as an area of selling pressure that caused a significant price decline.
However, with the recent breakout in TON, it appears that there are no significant hurdles stopping the asset from rising in the coming days. Based on recent price action, if TON closes a daily candle above the $5.45 level, there is a strong possibility that it could surge by 50% to reach the $8.25 level in the near future.
Currently, the asset is trading above the 50 Simple Moving Average (SMA) and below the 200 SMA on a daily timeframe, indicating a downtrend.
Bullish On-Chain Metrics
Along with technical analysis, on-chain metrics further support TON’s bullish outlook. According to the on-chain analytics Coinglass, TON’s Long/Short ratio currently stands at 1.05, indicating a strong bullish sentiment among traders.
Additionally, traders have started participating in Toncoin following the bullish breakout. Data shows that TON’s open interest has increased by 8.4% in the past 24 hours and 6.35% in the past four hours, suggesting a rise in open positions compared to the previous day.
Current Price Momentum
As of now, TON is trading near the $5.50 level and has experienced a price surge of over 4.90% in the past 24 hours. During the same period, its trading volume which was initially down by 4.5% has now increased by 2.5%, suggesting notable participation from traders and investors amid a bullish outlook.
