Toncoin (TON) has recently shown significant growth, spurred by improved market sentiment over the past week. The Telegram-linked token is rapidly approaching its 50-day Simple Moving Average (SMA), signaling potential for further gains. A successful breakout could ignite a continuation of the uptrend, potentially leading to a 20% surge in price.
Holders Push Toward Resistance
Throughout the past month, TON’s 50-day SMA, which currently sits at $5.76, has become a key resistance point. Every attempt to breach this level has triggered selling pressure, pulling the price back toward the 20-day Exponential Moving Average (EMA) at $5.47. This dynamic suggests bearish trends, especially when the 50-day SMA stays above the 20-day EMA. Despite this, Toncoin holders have increased their demand for the altcoin in an effort to reverse the trend.
Rising Daily Active Addresses
Data from IntoTheBlock reveals a notable increase in Toncoin’s daily active addresses (DAA) over the past seven days. This data shows a 29% rise in the number of addresses completing at least one transaction. Additionally, demand for the token has surged by 78%, highlighting growing interest in TON. The positive divergence between Toncoin’s price and its DAA is another strong indicator of the market’s bullish sentiment. This metric currently stands at 119.08%, suggesting that the recent price rally aligns with increased demand.
Price Could Reach $6.82
Further supporting this bullish outlook, the Moving Average Convergence Divergence (MACD) shows the MACD line (blue) moving above its signal line (orange). This position indicates that short-term momentum is outpacing long-term trends, signaling traders to consider long positions. If buying pressure continues, TON could break above the 50-day SMA and surge by 20%, potentially reaching $6.82. However, another failure to break resistance may pull the price down to the support level at $5.47, invalidating the bullish forecast.
Toncoin’s price trajectory hinges on whether market participants can maintain buying pressure to break past resistance.
