Toncoin (TON) is currently in a short-term uptrend, signaling a bullish outlook for the Telegram-linked cryptocurrency. Rising demand is boosting optimism among traders, potentially leading to significant profits.
Toncoin Poised for Gains
Toncoin’s price is set to continue its uptrend, with a possible breach of the month-high resistance at $7.07. This resistance level is crucial because it has been consistently tested as both support and resistance. Breaching this level could significantly impact investors’ portfolios.
The Global In/Out of the Money (GIOM) indicator reveals that investors purchased 803 million TON at prices between $6.16 and $6.85. With the altcoin currently trading at $6.52, it is nearing the upper limit of this range. If Toncoin surpasses $6.85, this supply, valued at over $5.2 billion, would become entirely profitable. This profitability could trigger increased demand and fuel a rally.
Traders Turn Optimistic
Investors’ optimism is reflected in Toncoin’s funding rate, which has turned positive for the first time in two weeks. This shift marks a significant change in market sentiment, suggesting that traders are now favoring long positions over shorts. A positive funding rate indicates that long contracts are dominating the market, signaling potential upward price movements.
As traders increasingly favor a bullish outlook, this shift could pave the way for a continued price rise.
TON Price Prediction: Uptrend to Continue
Toncoin’s ongoing incline suggests a path to further gains, particularly if it crosses the $7.07 resistance. Overcoming this resistance could lead to a rise to $7.53, a level not tested since mid-July. Flipping $7.53 into support would open the door for Toncoin to challenge its all-time high of $8.28.
However, failure to breach the $7.07 resistance could result in a period of consolidation between this level and the $6.43 support. Losing momentum at this stage could invalidate the bullish outlook and extend investors’ wait for profits.
In conclusion, while the outlook for Toncoin is optimistic, the market remains dynamic. Investors should stay vigilant and monitor price movements closely. The potential for profit exists, but so do risks that could impact future performance.
Read Also: Is Now the Perfect Time to Invest in Toncoin Before It Hits $10?
