Toncoin: How liquidity clusters around $7 indicate a TON rally
Toncoin [TON] holders had a reason to celebrate after the news broke recently that the coin secured clearance to be listed on Binance, the largest crypto exchange by trading volume.
A recent report noted that the Open Network [TON] saw robust network activity.
Long-term holders have been selling and indulging in some profit-taking. However, on-chain metrics also showed increased supply outside of exchanges, meaning that TON has bullish potential.
TON bulls knock on the doors of a crucial resistance level
Source: TON/USDT on TradingView
The 1-day chart showed that TON was extremely quick to recover all the losses it saw when Bitcoin [BTC] plunged from $67k to $49k. Toward the end of July, TON fell below the range lows (purple) at $6.75.
At press time the market price was $6.62. It is expected that the token would consolidate for a few days before bursting past the $$6.8 resistance zone. This was because of the trading volume during the recovery from $4.75 in the past week.
The A/D indicator jumped higher to reinforce this bullish possibility. However, the CMF was still not above +0.05, showing that buying pressure needs to be consistently high to drive a rally.
This could take a few days. The MACD formed a bullish crossover below the zero line, indicating weak bearish momentum overall.
The market structure was also bearish, but a daily session close above $6.89 would flip this bullishly.
More hints that Toncoin is ready for a rally
Source: Hyblock
AMBCrypto noted that there were sizeable liquidity pools at and above the $7 mark. The %6.94, $7.27, and $7.6 levels are the next liquidity targets for TON.
Buyers can capitalize on a bullish structure breaks and use these levels to take-profits at.
