Holders of the coin had reason to celebrate after news recently broke that the coin had been granted permission to be listed on Binance, the largest cryptocurrency exchange depending on the trading volume.
Toncoin [TON] holders had a reason to celebrate after news broke recently that the coin had been granted permission to be listed on Binance, the largest cryptocurrency exchange in terms of trading volume.
A recent report indicated that the Open Network [TON] has been witnessing strong network activity.
Long-term holders of the coin were observed to be booking profits by selling their coins, however, the on-chain metrics also showed an increase in the supply outside exchanges, suggesting that TON’s rally had more room to go.
TON bulls were seen approaching a crucial resistance level
Source: TON/USDT on TradingView
A look at the one-day chart revealed that TON was quick to recover all the losses it suffered when Bitcoin’s [BTC] price fell from $67k to a low of $49k. By the last week of July, the price of TON had dropped below the lows (purple) of the range at $6.75.
At the time of writing, the coin’s market price was $6.62. The token could be expected to consolidate for a few days before attempting to break through the resistance zone at $6.8.
This was indicated by the trading volume during TON’s recovery from $4.75 last week. The A/D indicator rose to support this bullish possibility.
However, the Chaikin Money Flow (CMF) indicator was yet to cross the +0.05 level, suggesting that buying pressure needed to be consistently high to push the rally further up.
This could take a few days. The MACD had formed a bullish crossover below the zero line, indicating a broader bearish momentum weakness.
The market structure was also bearish, but a daily session close above $6.89 would shift this trend to bullish.
More signs suggested Toncoin was set to rally
Source: Highblock
As highlighted by AMBCrypto, there were large liquidity pools at the $7 level and above. The next liquidity targets for TON were seen at levels of $6.94, $7.27, and $7.6.
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Buyers could capitalize on the bullish structure break and use these levels to book profits.
Up next: Binance Coin sees a new high at $523: A look at this week’s uptrend
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