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Home»Altcoins»TON is about to reach a new monthly high: major levels in focus
Altcoins

TON is about to reach a new monthly high: major levels in focus

2024-09-27No Comments3 Mins Read
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Posted: September 28, 2024

  • TON has broken out of a symmetrical triangle formation, indicating a possible bullish phase.
  • The increase in the number of active addresses shows an increase in purchasing activity, increasing the chance of an upward trend.

Despite modest moves, Toncoin [TON] has gained 8.97% in the past month and is up slightly 0.31% in the past 24 hours.

With the expected momentum, TON is expected to reach new market highs since August.

The market is preparing for a rally

Since August 14, TON has been trading within a symmetrical triangle and has consistently fluctuated within this pattern.

The outcome of this trade formation usually results in a large upward move; in this case, TON may surpass its previous all-time high of $7.26.

While breakouts usually produce high momentum, TON is showing a slowdown in its gradual rise, as reflected by its daily gain of less than 1%.

Source: TradingView

Further analysis shows that this subdued momentum can be attributed to a major resistance level at $5,826.

A breach of this threshold, with TON trading above it, could catalyze a sharp rise in TON’s price from then on.

Threatening huge supply shortages for TON

TON’s Exchange Netflow has shown a consistent decline over the past seven days, indicating strong buyer interest in the asset.

This metric measures TON’s supply on multiple cryptocurrency exchanges. A decline indicates reduced availability of TON, indicating that investors are choosing to hold their assets rather than sell.

The 478.66k TON recently disappeared from the exchanges, coinciding with increased activity and increasing interest among traders.

See also  Saylor stirs up the market with cryptic instruction

Data from IntoTheBlock shows that the number of active addresses, representing market participants, has risen to 4.21 million traders competing for TON.

Source: IntoTheBlock

This increase in trading activity adds to the growing positive sentiment and signals the potential for significant upward movement in TON’s price.

More green days are coming for TON

Interest in TON has increased significantly over the past 24 hours.


Read Toncoin’s [TON] Price forecast 2024–2025


Current data from Mint glass indicates that Open Interest, a measure of trader engagement, has surged, indicating that long traders are optimistic about a rise in TON’s trading performance.

Open Interest increased to $264.64 million, accompanied by a 45.4% increase in trading volume. This shows that traders are actively buying the asset, indicating continued bullish sentiment in the market.

Next: Shiba Inu gains more than 20% in 24 hours to lead memecoin rally

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