- Toncoin is trading below the critical resistance level at $6.8.
- Upper magnetic areas are likely to lead to higher prices.
Tonquin [TON] Holders of the coin had reason to celebrate after news recently broke that the coin had been granted permission to be listed on Binance, Largest cryptocurrency exchange Depending on the trading volume.
A recent report indicated that the open network [TON] It has seen strong network activity.
Long-term holders of the coin were selling and enjoying some profit-taking. However, on-chain metrics also showed an increase in supply outside of exchanges, meaning TON has upside potential.
TON Bulls Knocking on the Doors of a Crucial Resistance Level
Source: TON/USDT on TradingView
The one-day chart showed that TON was very quick to recover all the losses it saw when the price of Bitcoin dropped. [BTC] TON price dropped from $67k to $49k. By the end of July, TON price dropped below the lows of the range (purple) at $6.75.
At the time of publishing, the market price was $6.62. The token is expected to consolidate for a few days before breaking the $6.8 resistance area. This was due to the trading volume during the recovery from $4.75 last week.
The A/D indicator has risen to support this bullish possibility. However, the CMF indicator has not crossed the +0.05 level, indicating that buying pressure must be consistently high to push the rally higher.
This may take a few days. The MACD has formed a bullish cross below the zero line, indicating a general weakening of the bearish momentum.
The market structure was also bearish, but a daily session close above $6.89 would turn this trend bullish.
More Hints That Toncoin Is Ready to Rally
AMBCrypto has indicated that there are large liquidity pools at the $7 level and above. The 6.94%, $7.27, and $7.6 levels are the next liquidity targets for TON.
Is Your Portfolio Green? Check Toncoin Profit Calculator
Buyers can take advantage of the break of the bullish structure and use these levels to make profits.
Disclaimer: The information provided does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.
