Why Toncoin Could Reach $6.503 in the Coming Days
Toncoin is experiencing a decrease in market supply, which is expected to soon drive its price to $6.503.
Toncoin has shown renewed strength after recovering its position above the support of an ascending triangle.
- Over 6.02 million active addresses are engaged in trading TON, intensifying supply pressure.
Despite historical challenges in achieving significant gains due to market dynamics, Toncoin [TON] has recently demonstrated positive momentum with an 8.35% increase in price over the month and a 3.62% rise over the week.
On the other hand, daily volatility has remained steady.
Regardless of its consistent activity on the daily chart, the market development of TON positions it for an upward movement.
Liquidity Setup for Future Growth
At the time of publication, TON was trading within an ascending triangle, a formation typically seen before significant rallies.
On September 27, TON briefly breached this pattern but had to revert to its trading pattern after hitting a supply zone.
Recently, TON has penetrated the support area of the ascending triangle and is now initiating its upward path.
When TON reaches a candle above the upper resistance line of the pattern at 5.818, it could gain definitive momentum, potentially driving its price up to $6.503.
If TON fails to break through this resistance, it will likely continue trading within the pattern and return to the base support level as it gathers the necessary liquidity to surpass this threshold.
AMBCrypto has found that a decrease in market participants, along with an impending reduction in supply, could fuel future growth for TON.
TON Trading Activities Intensify
According to data from IntoTheBlock, the number of active addresses—also referred to as market participants—has seen a significant decline following the increase in TON’s value.
As of the latest update, there are currently 6.02 million active addresses, indicating low trading activity in the TON market. This typically reflects market sentiment, which can be either bullish or bearish.
However, AMBCrypto has confirmed that the current trend is bullish, supported by the recorded negative exchange flow.
The Exchange Netflow, which tracks the amount of TON available on various cryptocurrency exchanges, has decreased by 1.5 million.
This decline indicates that a significant amount of TON is being transferred out of exchanges, likely to private wallets for long-term holding.
Such movements typically lead to a decrease in supply, as the reduction of TON available on exchanges can increase demand for the cryptocurrency and potentially raise its price.
Final Confirmation Awaited for TON’s Bullish Outlook
Despite several market activities and developments indicating a bullish future for TON, definitive market confirmation is still pending.
Data on open interest, which measures trader interest in the market, shows a slight bearish sentiment among some participants.
This is reflected in a small decline in open interest of 0.41%, bringing it to $257.15 million.
A shift in this metric into positive territory could serve as further confirmation that TON is poised for a bullish trend in upcoming trading sessions.
