In recent times, Toncoin (TON) has captured attention in the cryptocurrency market with a sudden 12% surge in the last 24 hours, rekindling investor interest. This movement raises the question of whether TON, which shows potential to break the main trendline resistance, will enter a new uptrend.
Fundamental Dynamics Behind Toncoin’s Rise
With this impressive rise, Toncoin is trading at $7.12, eyeing the next critical resistance level at $7.28. However, whether this rise will be permanent is closely watched by investors and traders.
Notably, the RSI (Relative Strength Index) indicator signals that Toncoin is approaching the overbought zone. This increases the likelihood of a correction movement in the short term. However, on-chain data shows that investors are in an accumulation phase before this correction, which could signal a potential rise.
Emergence of Major Players
IntoTheBlock data reveals that large transactions are occurring in the market, indicating increased interest from major players in Toncoin. Such accumulation phases are often seen as precursors to a significant breakout. This also signals increased confidence in TON among investors and the entry of large investors into the market. Additionally, data shows that 65.12% of TON addresses are in profit, which could increase investors’ desire to maintain their positions and achieve more gains.
On the other hand, liquidation data indicates a potential risk area for Toncoin at the $6.9 level. If it falls below this level, there is a possibility of $703,000 worth of TON being liquidated, which could increase selling pressure in the market. However, if the current buying pressure continues, a new wave of rise could start without falling below this level.
What Can Investors Do?
Although Toncoin’s recent rise has captured attention in the cryptocurrency market, investors need to closely monitor the sustainability of this movement.
Indicators pointing to the overbought zone signal a possible correction in the short term. However, on-chain data and large transactions are among the factors strengthening Toncoin’s future potential.
