by - Toncoin traded just below the critical resistance level of $6.8.
- The magnetic zones above us are likely to drive prices up.
Toncoin [TON] Holders had reason to celebrate after news recently emerged that the coin had received approval to list on Binance, the largest crypto exchange by trading volume.
A recent report found that the Open Network [TON] saw robust network activity.
Long-term holders have been selling and indulging in some profit-taking. However, on-chain metrics also showed increased supply outside of exchanges, meaning TON has upside potential.
TON bulls are knocking on the doors of a crucial resistance level
Source: TON/USDT on TradingView
The 1-day chart showed that TON recovered all the losses it suffered as Bitcoin [BTC] plunged from $67,000 to $49,000. Towards the end of July, TON fell below the range low (purple) at $6.75.
At press time, the market price was at $6.62. The token is expected to consolidate for a few days before breaking the $6.8 resistance zone, owing to the trading volume during the recovery from $4.75 last week.
The A/D indicator jumped higher to support this bullish possibility. However, the CMF still failed to break above +0.05, showing that buying pressure needs to be consistently high to trigger a rally.
This could take a few days. The MACD formed a bullish crossover below the zero line, indicating weak bearish momentum overall.
The market structure was also bearish, but a daily close above $6.89 would reverse this into an uptrend.
Further evidence that Toncoin is ready for a rally
Source: Hyblock
AMBCrypto found that there were significant liquidity pools at and above the $7 mark. The next liquidity targets for TON are the $6.94, $7.27, and $7.6 levels.
Is your portfolio green? Check the Toncoin Profit Calculator
Buyers can capitalize on breaks of a bullish structure and use these levels to take profits.
Disclaimer: The information presented does not constitute financial, investment, trading or other advice and reflects solely the opinion of the author.
