Toncoin’s price is in a short-term upward trend, indicating a bullish scenario for the Telegram-based token. Increasing demand is making investors optimistic, which could lead to significant gains. Toncoin’s price could maintain its upward trend and even surpass the month’s highest resistance at $7.07.
What’s Happening with Toncoin?
This process is crucial as it is meticulously tested as both resistance and support. Overcoming it is essential as it could significantly alter the investor’s portfolio. According to the Global In/Out of the Money (GIOM) indicator, investors bought 803 million TON between $6.16 and $6.85. Currently, the altcoin is trading at $6.52, close to breaking the upper limit of this range. Achieving this will make this supply, valued at over $5.2 billion, entirely profitable, triggering demand and an upward trend.
Investors are becoming optimistic about the altcoin’s funding rate increase. The funding rate turns positive for the first time in two weeks, indicating a significant shift in market sentiment. This change shows that the cost of holding long positions now surpasses short positions, making investors more optimistic.
This positive funding rate indicates that long contracts are starting to dominate the market. As investors increasingly prefer upward price movements, this change could signal a potential bullish trend in the near future.
TON Chart Analysis
Toncoin’s price could maintain its ongoing trend as it charts a gradual recovery path. Additionally, if TON surpasses the $7.07 resistance, demand could be renewed. This would make a rise to $7.53, a level not tested since mid-July, possible. Turning this into support would allow Toncoin to move upward and potentially surpass its all-time high of $8.28.
On the other hand, a failed breach of $7.07 would send the altcoin into consolidation between this resistance and the $6.43 support. Losing the upward trend could invalidate the bullish thesis and extend the waiting period for investors to profit.
