The price chart of TON Coin (TON) has recently displayed strong bullish signals, attracting market participants’ attention. Currently, TON Coin is priced at $5.69, marking a 1.5% decrease in the last 24 hours. The inverted head and shoulders pattern, considered a bullish signal, indicates a potential price trend reversal for TON Coin. Moreover, a breakout above the descending trendline suggests increased buying pressure. However, the resistance at $5.848 may pose a challenge, requiring further buying pressure to overcome. On-chain indicators also present a bullish outlook for TON Coin, with a network growth rate of 0.70% reflecting stability. Primary holder concentration has increased by 0.11%, signaling ongoing confidence from key investors. Despite a 2.01% decrease in large transactions, continuous accumulation by smaller participants supports the bullish outlook. The market value-to-realized value (MVRV) ratio stands at 14.16%, indicating moderate profitability and room for growth, subject to maintaining sufficient buying pressure to surpass the $5.848 resistance level. Technical indicators also support TON Coin’s upward trend, with the Directional Movement Index (DMI) showing values of -DI at 22.15 and +DI at 19.82, indicating buyer dominance. The Average Directional Index (ADX) at 20.39 confirms the current trend’s strength. Meanwhile, the Stochastic RSI at 86.69, close to overbought territory, suggests further upward potential. Overall, with a definitive break above $5.848, TON Coin can extend its bullish trend in the short term.
