Toncoin (TON) is currently experiencing a short-term uptrend, leading to optimistic sentiment among traders. This bullish scenario is driven by rising demand, which could result in substantial profits for investors.
If Toncoin's price continues to rise, it could breach a key resistance level at $7.07. This price point is significant as it has been tested as both resistance and support. Achieving this would make a significant portion of the supply, worth over $5.2 billion, profitable.
The Global In/Out of the Money (GIOM) indicator shows that investors bought 803 million TON between $6.16 and $6.85. Currently, TON is trading at $6.52, close to breaching the upper limit of this range.
A breach would trigger increased demand and potentially a rally. The positive funding rate for the altcoin suggests that traders favor upward price movements, indicating a bullish trend in the near future.
If TON crosses the $7.07 resistance, it may rise to $7.53 and potentially breach its all-time high of $8.28. Failure to breach $7.07 could send TON into consolidation, extending the wait for profits for investors.
