- Toncoin shows a liquidity sweep at a demand zone, signaling the potential for a breakout.
- A breakout above $3.80 could trigger a bullish surge if confirmed by volume and price action.
- TON’s daily uptick and strong trading volume suggest favorable conditions for a breakout.
Analyst BullishBanter has highlighted a clear upward trend for Toncoin (TON). As the analyst pointed out in an X-post on Friday, the recent market structure shows a liquidity sweep at a demand zone, which could trigger a breakout. Currently, Toncoin is trading between $3.50 and $3.80 and could potentially surge to $3.90 if the bullish trend continues.
Consolidation and Liquidity Sweep
According to the analysis, Toncoin has been consolidating within a specific price range, indicating that it is testing key support levels. The formation of fresh liquidity suggests that Toncoin’s price could reach the next resistance level. Banter’s target price of $3.90 aligns with chart signals suggesting an imminent breakout above $3.80.
Traders should wait for clear price action and volume confirmation before entering a trade. If confirmation is lacking, there is a risk of a short-term pullback, potentially retracing to the previous breakout level. The current consolidation zone remains a region of interest regarding the future course of the Toncoin price in the following days.
Related: TON Partners With LayerZero to Boost Cross-Chain USDT Transfers
Toncoin’s Market Performance
As of press time, TON is trading at $3.64, a slight uptick of 0.33% over the past day. However, it has experienced a 3.68% decline in value over the past week. The cryptocurrency has seen a 24-hour trading volume of $143.66 million. Despite a slight daily gain, Toncoin has been under selling pressure over the past week.
The RSI at 33.20 is rising from oversold territory, indicating increasing buying pressure. Meanwhile, the MACD line above the signal line, along with positive histogram bars, suggests bullish momentum.
Toncoin is at a crucial level, with investors awaiting breakout confirmation. Its overall outlook remains positive. The ongoing liquidity sweep at the demand zone suggests that Toncoin could see further price appreciation.
