Can Toncoin (TON) overcome $5.3 barrier and reach $7.9?Like several other cryptos, Toncoin (TON) has also registered promising growth in the last 24 hours. But the token was testing a crucial resistance — a jump above that could lead to a massive surge.
However, an unsuccessful test could cause a price drop. Let’s take a look at what’s going on.
As per CoinMarketCap, Toncoin’s price surged by barely 4% in the last 24 hours alone. At the time of writing, TON was trading at $5.25 with a market capitalization of over $13 million, making it the ninth-largest crypto.
However, despite the price increase, only 15.4 million TON addresses were in profit, which accounted for 26% of the total number of addresses.
This stat might change soon if the token manages a breakout. The analysis of Toncoin’s daily chart revealed that it was about to test a resistance level.
In case of a bullish breakout, then investors might soon see Ton touching $6.8 again. A jump above that could end up in TON reclaiming $7.9.
Santiment’s data also revealed that Toncoin’s supply on exchanges dropped sharply, while its supply outside of exchanges increased. This clearly indicated a rise in buying pressure.
Hyblock Capital’s data revealed a similar story. TON’s whale vs. retail delta dropped from 100 to 59; this clearly indicated that whales’ exposure in the market declined in the last few hours, which can be inferred as a bearish signal.
What is more, MACD displayed a bullish crossover. The Chaikin Money Flow (CMF) also registered an uptick. TON’s Money Flow Index also followed a similar trend as it went northwards, indicating a price rise in the coming days.
in case of a continued price increase, Toncoin might soon touch $5.7. At this point, the token might witness a correction as liquidation will rise.
However, in case of a bearish takeover, the token might drop to $3.7 in the coming days.
