TLDR
- Toncoin gained 13.7% in 24 hours after Nikola Plecas joined as TON Foundation VP
- TON has tested the $3.35-$3.5 resistance zone three times in five weeks
- The token has traded in a range between $2.95 and $3.5 for nearly a month
- At its local peak, TON reached 26.5% gains in under two days
- Liquidation heatmap shows potential risks for traders going long
Toncoin (TON) has experienced a strong upward movement over the past 36 hours, climbing by 13.7% in the last 24 hours. This sudden price surge follows the appointment of former VISA executive Nikola Plecas as the Vice President of the TON Foundation.
The recent rally has pushed TON to challenge the $3.35-$3.5 resistance zone for the third time in five weeks. This repeated testing of the same price barrier suggests a range formation may be developing.
TON’s price action has been confined to a trading range for almost a month now. This range extends from $2.95 at the lower boundary to $3.5 at the upper limit, with a mid-range level at approximately $3.23.
The latest upward movement saw the token travel from the range low to the high in just 36 hours, demonstrating unusual momentum in a market where many other cryptocurrencies have been moving sideways.
When measured at its local peak of $3.7, Toncoin posted gains of 26.5% in less than two days. This performance stands out even more considering that Bitcoin (BTC) has been struggling to reclaim the $110,000 level during the same period.
The rally was stopped abruptly just above the range high. At the time of reporting, the price had not maintained position above the $3.48 resistance level.
Technical Indicators Show Mixed Signals
Technical analysis shows the On-Balance Volume (OBV) indicator moving higher, reflecting the increased trading volume during recent sessions. The Awesome Oscillator appears to be forming a bullish crossover as well.
However, the liquidation heatmap reveals potential dangers for bullish traders. FOMO (Fear Of Missing Out) could become problematic for Toncoin traders at this stage.
Since May 10, a cluster of liquidity has been forming around the $3.6-$3.66 area. Another zone of interest appears at the local high of $3.2, which developed over the past week.
Both these liquidity clusters were swept during the recent price movement. Such swift moves often hunt liquidation levels and tend to reverse direction after claiming them.
What This Means For Traders
The pattern of repeated resistance tests without sustained breakouts suggests caution for TON traders and short-term holders. If the token cannot convert the $3.5 region into support soon, traders should be prepared for a potential trend reversal.
The rapid price increase against a backdrop of sideways movement in the broader crypto market raises questions about sustainability. While the appointment of a former VISA executive to the TON Foundation leadership team appears to have triggered positive market sentiment, the technical structure suggests the rally might face challenges.
Trading data shows that the market reacted strongly to the news of Plecas joining the foundation, but the momentum stalled near established resistance levels.
For Toncoin to establish a more bullish outlook, it would need to decisively break above the $3.5 level and maintain support above it. Otherwise, the range-bound trading pattern may continue, with potential returns to lower support levels.
The most recent price action shows TON struggling to maintain positions above key resistance, suggesting traders should monitor for signs of reversal or consolidation.
The post Toncoin (TON) Price: Former VISA Executive Appointment Drives 13.7% Rally appeared first on Blockonomi.
Â
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.