Bulls have taken control of Toncoin
In a stunning turn of events, the dynamics for Toncoin experienced a seismic shift when bulls assumed command just two days prior, catapulting its value upwards by 8% at the moment of analysis. This remarkable increase was propelled by a sudden influx of buying interest alongside a swift shift in traders’ perspectives towards the market.
The lingering question now is whether TON possesses the momentum necessary to maintain its upward trajectory and pierce through major resistance barriers to carve out a new uptrend.
Forecasting TON’s Future Actions
The technical indicators reveal a "golden cross" scenario, showcased by the 50-day moving average surging past the 200-day moving average. This event is usually interpreted as a sign of bullish momentum, hinting at the possibility of a sustained upward trend in the long run.
Additionally, the exponential moving average is keeping a close watch on price alterations, currently positioned above the MA50, thereby amplifying the bullish indicators.
With the Relative Strength Index (RSI) sitting at 62, there’s leeway for further price appreciation before hitting the overbought threshold. Coupled with the golden cross, this suggests a complete turnaround in market dynamics in favor of the bulls.
Social metrics for TON, encompassing social volume and dominance, have witnessed a significant upswing over the recent five-day period. These surges in social attention typically herald or occur concurrently with a market rally.
Furthermore, the cryptocurrency sees an uptrend in its holder count, a clear sign of bullish mindset among investors, indicating a readiness to back the digital currency.
Despite these positive signals, a downturn in derivatives trading volume for TON hints at a possible relaxation phase after the initial burst of activity, possibly in reaction to the recent uptick in its price.
The prevailing ratio of long to short positions in the overarching market slightly favors the bears at 0.9066, suggesting a minor prevalence of short selling in the derivatives space.
Conversely, data from Binance paints a contrasting picture with the long/short ratio for accounts leaning heavily towards the bulls (3.4583 for accounts), indicating a stronger confidence among Binance traders in the potential for TON’s continued ascent compared to those bracing for its decline.
