Toncoin’s price is experiencing a short-term upswing, generating optimism among investors of the Telegram-based token. As demand escalates, the potential for substantial gains increases, with the price possibly surpassing the month’s highest resistance level of $7.07.
What’s Driving Toncoin’s Growth?
The current price movement is crucial as it has been rigorously tested both as resistance and support. Breaking through this level could significantly impact investor portfolios. Data from the Global In/Out of the Money (GIOM) indicator shows that investors bought 803 million TON between $6.16 and $6.85. With the altcoin trading at $6.52, nearing the upper boundary, this supply could become profitable, spurring further demand and a continued upward trend.
Investor sentiment is shifting positively, as evidenced by the funding rate turning positive for the first time in two weeks. This indicates a significant change in market sentiment, with the cost of holding long positions now exceeding that of short positions. Consequently, investors are showing increased optimism.
TON Price Analysis
The positive funding rate suggests that long contracts are beginning to dominate the market. As more investors lean towards upward price movements, the market could be signaling a potential bullish trend in the near future.
Toncoin’s price could continue its current trend, charting a gradual recovery. Surpassing the $7.07 resistance would renew demand, making a rise to $7.53 feasible. This level hasn’t been tested since mid-July. If Toncoin turns this into support, it could aim to surpass its all-time high of $8.28.
Key Investor Insights
– Overcoming the $7.07 resistance is critical for sustained upward movement.
– The recent positive shift in the funding rate indicates growing market optimism.
– Achieving profitability for the 803 million TON purchased between $6.16 and $6.85 could trigger further price increases.
Failing to breach the $7.07 resistance would result in consolidation between this resistance and the $6.43 support. This could invalidate the bullish outlook and extend the waiting period for investor profits, emphasizing the importance of the $7.07 level in Toncoin’s future trajectory.