Toncoin Price Surge: Can It Break Through $3.37?

Toncoin Price Action: What’s Next After Breakout Above $3.37?

Toncoin Price– Despite the ongoing volatility in the broader crypto market, Telegram-linked Toncoin (TON) is showing signs of bullish momentum, with price action pointing toward a potential upside breakout.

As of the latest data, Toncoin was trading near $3.35, reflecting a 3.5% increase over the past 24 hours. Although the asset is recovering, its trading volume has decreased by 14%, signaling that market participation is somewhat cautious. According to AMBCrypto’s technical analysis, Toncoin (TON) has formed a textbook ascending triangle pattern on the hourly chart, a historically bullish setup.

If Toncoin successfully breaks out above the $3.37 level and closes a candle above it, there is a strong chance it could surge by 7%, potentially reaching the $3.60 mark. Should the bullish momentum continue, a daily close above $3.40 could set the stage for a 15% rally. However, the Average Directional Index (ADX) for TON is currently at 18, indicating weak strength in price momentum, despite the positive price action.

Traders’ Sentiment and Leverage

On-chain data from Coinglass shows that the overall sentiment among traders is bullish. As of the latest update, long positions are dominating, with traders holding over $1.50 million in long positions at the $3.184 level. However, the $3.40 level also shows a significant amount of short positions, totaling $900K. This suggests that there could be a potential squeeze if the price breaks above this level.

Long-Term Outlook and Token Outflows

In addition to intraday activity, long-term holders are also accumulating Toncoin (TON). According to spot inflow/outflow data, exchanges experienced a $2.34 million outflow of Toncoin (TON) during this period, indicating strong support for the asset. This outflow suggests that crypto bulls are backing Toncoin and could help drive a future rally.

While the market remains volatile, the technical setup and strong support from investors position Toncoin (TON) for potential gains.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.