Toncoin Open Interest Skyrockets, Eyes on 20% Price Rally

Telegram-linked Toncoin (TON) has returned to its upward trajectory and is poised for a large rally within the coming days. In current days, TON worth has witnessed a major rally of over 20%, whereas main cryptocurrencies have struggled to realize momentum.

TON’s worth momentum

On September 13, 2024, with its spectacular efficiency, TON broke by a powerful resistance stage at $5.62 and moved above the 200 Exponential Transferring Common (EMA), indicating a development reversal from a downtrend to an uptrend.

On the time of writing, TON is buying and selling round $5.85 and has skilled a worth improve of over 7% within the final 24 hours. In the meantime, buying and selling quantity has skyrocketed by 45% over the identical interval, indicating better participation from merchants and traders following the current outbreak.

Toncoin technical evaluation and upcoming stage

In keeping with knowledgeable technical evaluation, TON seems bullish and will rise sharply quickly. Over the previous three days, TON struggled close to the resistance stage, however with robust assist from traders and merchants, it broke the horizontal stage of $5.62. There’s a excessive probability that it closes its every day candle above that stage.

Primarily based on historic worth momentum, there is not a lot of an impediment in TON’s path in the mean time. If it closes a every day candle above the $5.65 stage, it may rise 20% to the $7 stage. At present, TON’s every day chart seems tremendous bullish, which can appeal to extra traders and merchants.

Bullish statistics within the chain

Nevertheless, TON’s bullish outlook is additional supported by its on-chain metrics. In keeping with the on-chain analytics firm Mint glassThe lengthy/brief ratio at the moment stands at 1.036, indicating bullish market sentiment amongst merchants. The worth of the lengthy/brief ratio above 1 signifies bullish sentiment.

At present, 51% of prime merchants maintain lengthy positions of TON, whereas 49% maintain brief positions. This information means that bulls are at the moment dominating the property, which may gain advantage TON within the upcoming rally.

Moreover, TON’s future open curiosity has shot up 14%, and 6% within the final 4 hours, indicating rising lengthy positions and rising dealer confidence.