• Toncoin's recent breakout indicates a potential 15% price increase.

  • Trading volume surged 103%, reflecting heightened interest and bullish sentiment.

  • On-chain metrics support a positive outlook, with key resistance levels holding strong.

Toncoin (TON) has recently faced a sharp decline of over 35%. However, the token is now gearing up for a significant rebound. The price action indicates a bullish trend, with a breakout from a key support zone and a descending trendline on the four-hour chart. As the post below suggests, TON is bullish in the meantime.

https://twitter.com/_TOBTC/status/1833259113016660060 Price Surge and Increased Trading Volume

On September 9, 2024, Toncoin saw an impressive price increase of over 10% in just 24 hours. The current trading price stands at approximately $5.11. 

During this period, trading volume surged by 103%, reflecting heightened trader activity amid the recovery. This recent price surge has broken through critical patterns, including a five-day consolidation near $4.50 and a descending trendline.

Technical Analysis Points to a Potential Upswing

According to different analysts', Toncoin appears strongly bullish. After the recent breakout, the token has closed a four-hour candle above a significant resistance level. Based on historical price trends, there is a strong possibility that Toncoin could experience a 15% increase. Some analysts believe TON might reach the $6 level soon.

On-Chain Metrics Support the Bullish Outlook

On-chain metrics also suggest a positive outlook for Toncoin. The Long/Short ratio from Coinglass stands at 1.082, indicating a bullish market sentiment. Additionally, Toncoin’s future open interest has risen by 9% in the last 24 hours, signaling strong buying interest. As of writing, 51.83% of top traders hold long positions in Toncoin, while 48.17% are short. 

Major liquidation levels are around $4.80 on the downside and $5.17 on the upside. Traders are showing increased leverage at these levels, according to Coinglass data. Both technical analysis and on-chain metrics suggest that Toncoin is set for a promising rally. With rising trader interest, the token could see a notable 15% increase in the near future.

The post Technical Analysis Shows Toncoin’s Path to a 15% Surge After Recent Decline appeared first on Crypto News Land.