Toncoin Up 7.87% In A Week: Can It Break Resistance And Hit $8? Here’s What The Charts Say

In a week marked by losses across the cryptocurrency market, Toncoin (TON) has emerged as an unlikely winner. Over the past seven days, TON has defied the downward trend, surging a notable 7.87%. This bullish movement comes even as Bitcoin, the world’s leading cryptocurrency, dipped by 5.55% to $61,000.

Several factors appear to be driving TON’s recent resilience. A significant announcement from Pantera Capital, a prominent investment firm, has undoubtedly played a key role. Dan Morehead, Pantera’s founder and managing partner, took to X (formerly Twitter) to reveal a recent “massive investment in #TON.” Morehead elaborated on Pantera’s bullish stance, citing the coin’s potential to onboard new users due to its integration with the massive Telegram network. This investment has demonstrably boosted market activity around TON, with capital flowing into the cryptocurrency and fueling its growth.

Adding to TON’s momentum is a recent integration with Binance, one of the world’s leading cryptocurrency exchanges. Binance announced the complete integration of Tether’s USDT stablecoin within the TON Network. This integration is a significant development, as it broadens TON’s reach and increases its utility within the wider cryptocurrency ecosystem.

Looking at technical indicators, TON appears poised for continued upward movement. On Tradingview, the Simple Moving Average (SMA) currently sits below the price at around $7.29, while the price itself hovers at $7.50. This position of the SMA below the price suggests a sustained uptrend with continued momentum.

Further bolstering the bullish case, TON’s Relative Strength Index (RSI) has risen from 49 to 55 at press time. An RSI above 50 indicates upward movement and a higher likelihood of short-term gains. Additionally, the rising RSI approaching its Moving Average (MA) reinforces the uptrend’s strength.

Sentiment analysis from Sentiment reveals another positive sign for TON: increased accumulation by whales. Over the past week, the total supply held by these large investors has grown from $52 million to $54 million. This whale activity suggests confidence in TON’s future potential, with investors anticipating price increases. Furthermore, a significant drop in exchange outflow, from a high of 149,000 to just 4,000, further strengthens the bullish sentiment. This reduced outflow indicates that holders are keeping their TON on exchanges, potentially anticipating short-term trading opportunities.

As of now, TON trades at $7.50, facing a resistance level of around $7.76. If TON can break through this resistance, the price could surge towards the next level of $8.24. With continued investor confidence, technical indicators pointing upwards, and a strategic integration with Binance, TON’s rally may just be getting started.