Toncoin [TON] holders had a reason to celebrate after the news broke recently that the coin secured clearance to be listed on Binance
Toncoin [TON] holders had a cause for celebration after the news broke recently that the coin secured clearance to be listed on Binance, the top crypto exchange by trading volume. A recent report noted that the Open Network [TON] saw robust network activity. Long-term holders were observed to be selling and engaging in some profit-taking. However, on-chain metrics also showed an increase in the supply of the token outside of exchanges, indicating bullish potential for TON.
TON bulls approached a crucial resistance level (highlighted in blue on the chart) on the lower time frame. A breakout from this level could propel the price toward the next resistance at $6.94.
The 1-day chart showed that TON was very quick to recover all the losses it saw when Bitcoin [BTC] plunged from $67k to $49k. Toward the end of July, TON fell below the range lows (purple) at $6.75.
At press time the market price was $6.62. It is expected that the token would consolidate for a few days before bursting past the $$6.8 resistance zone. This was because of the trading volume during the recovery from $4.75 in the past week.
The Average Directional Index (A/D) indicator jumped higher to reinforce this bullish possibility. However, the Chaikin Money Flow (CMF) was still not above +0.05, which showed that buying pressure needed to be consistently high to drive a rally.
This could take a few days. The MACD indicator formed a bullish crossover below the zero line, which indicated weak bearish momentum overall.
The market structure on the 1-day time frame was bearish, but a daily session close above $6.89 would flip this bullishly.
The bullish narrative for TON was further supported by on-chain observations from Hyblock. AMBCrypto noted that there were sizeable liquidity pools at and above the $7 mark. The %6.94, $7.27, and $7.6 levels are the next liquidity targets for TON.
Buyers can capitalize on a bullish structure breaks and use these levels to take-profits at.
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