Toncoin (TON) Bulls Eye Recovery as Price Hits Crucial Support Levels

Toncoin (TON) has dropped 15% in the last 30 days, reaching $5.21. However, a rise in short-term holders and increased buying pressure suggest a potential price rebound is on the horizon.

Toncoin (TON), the native cryptocurrency of The Open Network, has faced a challenging period, with its price declining by 15% over the past 30 days to $5.21. This significant drop has resulted in unrealized losses for many short-term holders, creating a crucial moment for TON as it approaches key support levels.

Short-Term Holders Increase, Signaling Potential Recovery

Despite the recent downturn, data from IntoTheBlock on September 2 revealed a 53% increase in the number of traders—addresses that have held TON for the last 30 days. Additionally, there was a 20% rise in the number of “Cruisers,” or addresses that have accumulated TON between the last 30 and 365 days. However, long-term holders saw only a slight increase during this period.

The surge in short-term holders suggests growing confidence in a potential price recovery. If this trend continues, it could lead to reduced selling pressure, enhancing TON’s chances of bouncing back from its recent lows.

Technical Indicators Support a Rebound

The daily chart indicates a possible recovery for Toncoin, with the Balance of Power (BoP) showing increased buying pressure. The BoP, a tool that measures the market strength of buyers versus sellers, has spiked, signaling that Toncoin’s price could be set for a rebound.

Currently, TON is trading around $5.23, a region that previously triggered a rally and now serves as a crucial demand zone. This level presents a potential buying opportunity, but for the bullish scenario to be confirmed, other indicators, such as the Relative Strength Index (RSI), will need to show stronger momentum.

TON Price Outlook: Bulls Eye Key Resistance Levels

If buyers return and start purchasing the dip, Toncoin could experience a 10% increase, pushing its price toward $5.76. However, it may face resistance around the $5.55 mark, which could challenge its upward momentum.

The next few days will be critical for Toncoin as it attempts to stabilize and potentially recover from its recent losses. Traders and investors will be closely watching these key levels to gauge the market’s next move.

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