- Toncoin was trading just below the critical resistance level at $6.8.
- The magnetic zones overhead are likely to cause prices to rise.
Tonmint [TON] holders had a reason to celebrate after news recently emerged that the coin was approved for listing on Binance, the largest crypto exchange based on trading volume.
A recent report noted that the Open Network [TON] saw robust network activity.
Long term holders have sold and indulged in some profit taking. However, the on-chain metrics also showed increased off-exchange supply, meaning TON has bullish potential.
TON bulls are knocking on the doors of a crucial resistance level
Source: TON/USDT on TradingView
The 1-day chart showed that TON was able to extremely quickly recoup all the losses it suffered when Bitcoin [BTC] fell from $67,000 to $49,000. Towards the end of July, TON fell below the low in the range (purple) at $6.75.
At the time of writing, the market price was $6.62. The token is expected to consolidate for a few days before bursting past the $$6.8 resistance zone. This was due to trading volume during the recovery from $4.75 in the past week.
The A/D indicator jumped higher to reinforce this bullish possibility. However, the CMF was still not above +0.05, indicating that buying pressure must be consistently high for a rally to occur.
This may take several days. The MACD formed a bullish crossover below the zero line, indicating weak bearish momentum.
The market structure was also bearish, but a daily session near $6.89 would turn this bullish.
More indications that Toncoin is ready for a rally
AMBCrypto noted that there were significant liquidity pools at and above $7. The %6.94, $7.27 and $7.6 levels are the next liquidity targets for TON.
Is your portfolio green? Check out the Toncoin profit calculator
Buyers can take advantage of a bullish structure break and use these levels to take profits.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer
