- Toncoin holds above $2.70 support as buying pressure returns near key levels.
- Open interest climbs to $6.38 billion, signaling renewed trader confidence.
- Liquidation heatmap shows short squeeze potential above $2.80 resistance.
- RSI and MACD hint at bullish reversal, with $2.92 as the next target.
Toncoin (TON) is showing early indications of a potential reversal by maintaining strength beyond the crucial $2.70 support area, and newfound hope for traders is beginning to re-emerge. For weeks and after having curbed optimism, leading on-chain and technical charts are now signaling potential breakout action to higher levels.
Bulls Step In as Open Interest Builds
Despite a recent cooldown, TON is seeing a new spike in open interest, currently at approximately $6.38 billion. This is an indication of fresh bullish sentiment among traders and gives room for a sharp movement in price. Previous spikes in open interest and rising prices had led to massive upside breakout moves.
Moreover, a recent downtick in trading volume is reversing and observing isolated areas of buy pressure around the current level of support. If so, it would provide the bullish momentum to propel Toncoin to the $2.80 to $2.87 zone of resistance, an area replete with liquidation points.
Liquidation Heatmap Signals Short Squeeze Potential
According to Binanceβs 24-hour liquidation heatmap, a huge short position stack is constructed on top of the $2.80 level. TON would need to crack this level of resistance in order to trigger a rash of forced liquidations that would quickly drive the price higher and maybe to and beyond $3.00.
In contrast, liquidation support around $2.65β$2.70 has remained strong, showing buyers are protecting this level with conviction. This strong base forms the launchpad for the next bullish leg.
Also Read: Toncoin (TON) Cost Basis Data Shows Strongest Support Zone as $2.01-2.05
Toncoin Prepares for Explosive Rebound
Technically, TON is also trying the lower Bollinger Band at $2.7076, which is a level that has previously induced bounces. The RSI is rising from oversold levels at 36.76, indicating rising strength. Also, the MACD is set to experience a bullish crossover, a fact indicating a possible surge in prices is looming closer.
If TON breaks past the middle-Bollinger line at $2.81, it could trigger escalated upside momentum targeted for the upper band at $2.92 and possibly higher.
All eyes are on Toncoin today as it consolidates just below key resistance level. A combination of rising open interest, sturdy support defense, and looming liquidation pressure on top makes a breakout potentially brewing. If bulls win through, TON can quickly retake lost ground and target fresh monthly highs.
Also Read: Toncoin (TON) Price Surges to $2.87: Will It Break the $6 Mark by 2025?
