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Over the past two weeks, the price of #Toncoin (TON) has bounced back significantly to surpass 25%, retesting its 200-day EMA this week. Despite increased selling pressure, the price of TON pulled back sharply in the last session.
Renowned cryptocurrency exchange Binance announced the listing of Toncoin on August 8 on its platform. This led to an increase in buying interest and demand for TON, and it rose by more than 10% in a day.
Toncoin's price recently formed a double bottom near the underlying 200-day EMA and showed a notable pullback of over 7% intraday and 30% for the week. Amid the ups and downs of the market, the token was poised for a reversal and a bullish reversal could be ahead.
At the time of writing, TON was trading at $6.17 with an intraday gain of 8.26%, reflecting buying momentum with increased participation.
Fueled by increased demand and the recent reversal, thincoin bulls were looking to regain bullish momentum. They seemed poised to execute a potential reversal in the future.
Toncoin (TON) seems set for a reversal: forecast price action
Despite the recent market carnage, the price of TON has been trading in a bullish range and has remained above the 38.2% Fibonacci level, defining a long-term bullish trend.
The last 24 hours saw a significant pullback with trading volume increasing by over 180%. This demonstrated investors' optimism towards TON.
At the time of publication, the RSI for Toncoin stood at 43 and showed a sharp vertical jump, indicating that the token has recovered gains from an oversold trajectory. Notably, high reversal chances were calculated when the asset bounced off the 200-day EMA, leading to a potential upside move.
According to the price action, the token has completed its correction cycle and is set for the next phase of reversal, which could soon push the token price up to the $8 mark.
Social metrics have seen a sharp jump
Fueled by the price reversal, the social dominance curve marked a significant rise and climbed more than 32% to 2.241%. This means that the media hype around the TON coin has increased dramatically and investors have started to socialize on media platforms.
Similarly, the number of active addresses on the Toncoin blockchain increased by about 7% to 624. This reflects improved user engagement, growing online activity, and the potential for greater ecosystem adoption.
Despite the positive performance data, the market trend gave mixed signals. The coin price received support near the 200-day EMA and was on the verge of a trend reversal.
Interest in open futures increased significantly
Following the sharp rise in prices, continued activity in futures trading and open interest (OI) rose more than 23.20% to $223.34 million in the last 24 hours.
If the TON price manages to hold its gains above the $6.50 mark, it could spark a recovery. It could head towards an upward resistance zone at $ 7.0 and then $ 8 ahead.
On the other hand, if the price of the coin fails to reach the $6 mark, we could see a significant drop ahead.
#TONonBinance #XRPVictory $TON