Journalist
Published:
Toncoin The recent upward trajectory has continued, building on a week of steady growth since its debut on Coinbase.
This rise brought TON price closer to an important resistance point at $1.705, a level that previously served as a ceiling and limited previous price increases.
Although the overall trend appears bullish, approaching this level has triggered some short-term volatility in the token’s price action.
Short-term imbalance calls for caution
On the daily chart, TON’s recent bullish surge has created a market imbalance around $1.57. This level could push the price lower in preparation for a short-term correction to close the gap if the current momentum wanes.
Simultaneously, the Stochastic RSI entered overbought territory, indicating that the rally may require a pause before the next significant price movement.
The Stochastic RSI affirms the probability of a short-term correction of the imbalance zone.
However, this configuration does not automatically imply weakness. Instead, the market could experience a short-term pause or decline as it processes the recent upward movement.
Source: TradingView
The bullish sentiment is evident in…
Even with some near-term caution from technical indicators, derivative indicators still favor buyers.
O de Toncoinpen Interest increased by 7.27% to 103 million, indicating that more traders and institutional investors are still playing the long game by opening new positions.
Source: Coinalyse
It is important to note that long positions at the current price now outnumber short positions almost three to one. At press time, the token’s Long/Short ratio stood at 2.976.
This disparity implies that traders are still betting on further gains, not an immediate downturn.
Source: Coinalyse
Can price break through resistance?
From a broader perspective, TON’s price trajectory will depend on how it reacts around the key price level of $1.705.
A decisive move above this supply zone could signal a significant change in market structure, potentially setting the stage for an extended uptrend.
In the meantime, short-term fluctuations close to existing imbalances remain possible.
Nonetheless, the upward momentum appears to be holding, as long as long investors remain active and open interest continues to climb.
Final Thoughts
- TON prices are closing in on a major supply zone at $1,705 after a week of consistent gains.
- Open interest is up 7.27%, with long positions outpacing short positions at the current price.
