- TON has seen a significant increase of 12% in the last 24 hours.
- Indicators also point to increasing bullish momentum.
Toncoin (TON) saw a sudden but impressive 12% surge in the past 24 hours.
This sudden surge caught the attention of traders and investors, who were monitoring the altcoin level to check if the bullish strength was enough to overcome the resistance of the main trendline.
At the time of writing, TON was trading near $7.12 with its next key resistance at $7.28, which has historically acted as a barrier to further upward movement.
Source: TradingView
The Stochastic Relative Strength Index, at press time, was indicating an overbought zone. This indicator could suggest a short correction to fill the fair value gaps left by the recent sudden price increases.
Growing market resilience
Digging deeper into on-chain metrics, there is enough evidence to suggest growing bullish sentiment among TON holders.
According to IntoTheBlock, data indicates that more and more large transactions are taking place, suggesting that big players are entering the market.
An accumulation phase often precedes breakouts, as more investors count on continued increases.
Source: IntoTheBlock
Adding to the aforementioned surge in large transactions, IntoTheBlock holder data confirmed that 65.12% of all TON addresses were still “in the money,” as of press time, making it profitable for many investors.
Source: IntoTheBlock
What the Liquidation Pool Has in Store for TON
AMBCrypto’s liquidation data analysis also indicated a potential price magnet at the $6.9 level. If this level is breached, 703,000 TON will be liquidated, increasing selling pressure.
This level may act as a price magnet for TON price, which may experience a short-term pullback before a bullish continuation.
Source: Coinglass
TON is expected to drop to $6.9 to empty the liquidity pool for a potential pullback before rising further. However, if there is enough buying pressure, a bullish continuation is likely without the short-term pullback.
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TDOG plays a role?
The latest memecoin on the Toncoin blockchain, Ton Dog (TDOG), may have played a pivotal role in the price of TON. The latest memecoin, according to the official website,
“This is a strategy designed to create excitement and momentum around $TDOG on the TON chain.”
The description also stated:
“Backed by a powerful team, this approach ensures that $TDOG remains at the forefront of the cryptocurrency space.”
At press time, TDOG was trading at $0.0003168 per TDOG/TON pair, down 4.78% over the past 24 hours, according to CoinMarketCap.
