Toncoin ($TON) has surged to a significant extent despite the overall sluggish scenario in the crypto market. The latest statistics reveal that Toncoin ($TON) price has jumped by 17% over a week, triggering a renewed debate concerning the bull vs bear narrative.
While several digital assets witnessed a substantial decline, $TON climbed, backed by resilient on-chain activity. At the same time, a growing interest in derivatives like futures is also fueling the respective upturn.
Massive Inflows Suggest Increasing Confidence in $TON
In line with the market data, apart from securing 17% increase in price, Toncoin ($TON) has also gained notable derivative inflows. In this respect, it experienced more than $13.35M in overall spot inflows on the 31st of July. This denotes its peak single-day total throughout this year up till now.
At the same time, the open interest in the case of $TON futures has also reached the all-time high (ATH) mark of nearly $384M within the past 24 hours. Additionally, the technical indicators also support this bullish scenario. Specifically, the Relative Strength Index (RSI) accounts for 65.78 points.
Bulls Target $TON’s Breakout above $3.51
Along with that, the Moving Average Convergence Divergence (MACD) is also okay, staying above one line. Simultaneously, bulls are eyeing a price breakout above the resistance level of $3.61, which could lead to $3.85 and then $4.00. On the other hand, bears may get an opportunity in the case of a dip below the Fibonacci support range of $3.34-$3.38.
Concurrently, Toncoin ($TON) is now changing hands at $3.53, indicating a slight 0.51% dip over the past 24 hours. However, the staggering weekly performance and the optimistic technical outlook raise the possibility for the continuation of the upward trajectory. In the meantime, the market onlookers will keenly watch for the potential catalysts influencing this trend.
