Toncoin (TON) faced resistance at the $1.70 zone in the past month. The strong rally of many altcoins in the first week of January was mainly driven by Bitcoin (BTC) breaking above $90,000 at that time.
Although Bitcoin successfully regained the important support zone at $94,500, Toncoin did not show many bullish signals last week, with the price decreasing slightly by 1.29%.
A recent report from Coinphoton emphasized the critical role of the $1.70 zone for TON. If the price can break through this level, a short-term upward movement could fully occur.
On-chain indicators show that the 90-day MVRV ratio has increased significantly, reflecting investors’ profit-taking ability that may limit the next price rally. Additionally, despite open interest (OI) rising sharply, the average coin age remains flat, indicating a lack of accumulation across the network and cautious market sentiment.
Price Chart Analysis for TON Investors
The weekly trend still leans downward, clearly shown by the DMI indicator and price action. To reverse this trend, buyers need to conquer the $3.75 level — more than double TON’s current price.
Source: TradingView If the price surpasses this zone, TON will signal the establishment of a long-term bullish trend. A positive note is that the OBV indicator has not made new lows in the past two months. Key supply zones on the weekly chart include $2.3-$2.4 and $2.8.
Trader Recommendations: Buy and Take Profits Actively
The short-term bullish momentum presents opportunities for traders. The OBV indicator along with daily trading volume shows strong buying pressure since late December.
Source: TradingView The imbalance zone and local supply at $1.70 have been converted into support, creating favorable conditions for short-term trend traders to capitalize on this reversal and buy TON. However, caution is advised to take profits at $2.16 and $2.37, and set stop-loss levels if the price drops below $1.56 to manage risk.
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