Toncoin (TON) Price Prediction 2023-2024: Can TON Sustain This Rally?

Toncoin [TON] surged impressively, trading 27% above its breakout level from a descending triangle pattern, hinting at a potential local top at $6.32 level as price has made a pause.

Toncoin (TON) price has surged impressively, trading 27% above its breakout level from a descending triangle pattern on the 4-hour chart, hinting at a potential local top at the $6.32 level as the price marked a pause in its ascent. This breakout from a downtrend that previously suppressed its price marked a significant shift in market dynamics.

The resistance along the descending trendline, consistently formed lower highs, flipped as TON burst through, suggesting a change from bearish to bullish sentiment. A huge green candle captured the intense buying pressure, indicating a sharp increase in value within a brief period.

Toncoin 4hr Chart

Toncoin now testing new levels as price surges following the breakout, with the MACD confirming a bullish crossover—an optimistic signal for further upward movement. This technical momentum could push TON toward the $9 mark if it maintains support above current levels, drawing more traders to capitalize on its newly bullish trend.

A closer look at the TON/USDT pair revealed interesting dynamics. At $6.50, large leveraged positions risked liquidation, potentially driving price action toward these zones due to the high liquidity present. Notably, $915K and $701K were at stake at $5.85 and $6.32, respectively.

Toncoin Liquidation Heatmap

The market's liquidity map revealed that these areas could either provide substantial resistance or support, depending on whether traders decide to cut losses or capitalize on lower prices. The heatmap visually represented these dynamics with distinct bands, signaling densely packed liquidity zones.

This setup suggested that TON could either rebound off these levels or plunge through them if sell-off pressures increase, making these points critical for traders to watch. Such insights were vital for market participants aiming to navigate the intricacies of leveraged trading within volatile markets.

Active Addresses by Profitability

Most TON holders saw profits, with 32.64% of addresses ‘In the Money’. This represented 298K addresses, indicating positive sentiment that may encourage price increases.

A significant 66.71% of holders are ‘At the Money,’ at a break-even point, showing potential volatility. These holders might sell as prices rise or hold for further gains, influencing TON's potential to hit targets like $9.

Toncoin Holder Profitability

Only 0.65% are ‘Out of the Money’, showed minimal immediate sell pressure from losses. This distribution indicated a basis for growth, with most holders not pressured to sell, potentially enabling a gradual rise to $9.