Toncoin (TON) Price Prediction: Up, Up, and Away

Toncoin's (TON) price is in a short-term uptrend, which is a bullish scenario for the Telegram coin. The rising demand is also turning traders optimistic

Toncoin’s (TON) price has been rallying over the past few days, and technical indicators suggest that the uptrend could continue.

The rising demand is also turning traders optimistic, and their changing stance could bring about considerable profits.

Toncoin Is Looking at Gains

The uptrend could see Toncoin’s price continue its ascent and even breach the month-high resistance at $7.07. This is a key price level as it has been rigorously tested as both resistance and support. But at the moment, breaching it is crucial as it could significantly change the investor’s portfolio.

According to the Global In/Out of the Money (GIOM) indicator, investors bought 803 million TON between $6.16 and $6.85. Currently, the altcoin is changing hands at $6.52, standing close to breaching the upper limit of the range.

Doing so would make this supply, worth over $5.2 billion, completely profitable, triggering demand and a rally.

Read more: 6 Best Toncoin (TON) Wallets in 2024

Another sign of traders’ changing stance is the rising funding rate. The funding rate is turning positive for the first time in two weeks, marking a significant shift in market sentiment. This change suggests that traders are becoming more optimistic, with the cost of holding long positions now outweighing shorts.

This positive funding rate indicates that long contracts are beginning to dominate the market. As traders increasingly favor upward price movements, this shift could signal the potential for a bullish trend in the near future.

TON Price Prediction: Up, Up, All the Way

The uptrend could continue as Toncoin’s price gradually recovers, painting a path to rally further. Moreover, the demand could be reinstated once TON crosses the $7.07 resistance.

This would pave the way for a rise to $7.53, an untested level since mid-July. Flipping it into support would allow Toncoin to travel upwards and potentially breach the all-time high of $8.28.

Read more: What Are Telegram Bot Coins?

On the other hand, a failed breach of $7.07 would result in the altcoin consolidating within this resistance and $6.43 support. Losing the uptrend could invalidate the bullish thesis, extending the investors’ wait for profits.

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