Toncoin (TON) remains 'motionless' in the accumulation zone, only edging up more than 1% at the time of writing on Tuesday, despite news that Coinbase Ventures has invested. However, optimistic sentiment is spreading, as the number of orders betting on a rising trend is increasing, anticipating a strong breakout if the price surpasses the 200-day exponential moving average (EMA).
Investment from Coinbase reinforces trader confidence in TON.
The TON Foundation announced that Coinbase Ventures is now holding Toncoin, joining the list of investors including Sequoia Capital, Benchmark, and Ribbit Capital. Although it did not disclose the volume of TON that Coinbase's investment branch purchased, this information still creates a significantly positive effect on the market.
New capital from a reputable venture capital fund continues to bolster confidence among traders. According to data from CoinGlass, the long position ratio in the past 24 hours – based on the buying-selling volume of Taker orders – has increased from 48.71% on Monday to 50.43%. This increase of more than 2 percentage points indicates that bullish sentiment is spreading within the investor community.
The 'two-edged' accumulation zone of Toncoin.
Toncoin continues to maintain a sideways trend for the fifth consecutive day, fluctuating in the 'stuck' zone between the 100-day EMA and the 200-day EMA, after recording a 3.50% increase last Wednesday. To establish a sustainable upward momentum, TON needs to close decisively above the resistance level of $3.588 – a level that was last tested on August 4. If it breaks through successfully, the price could rise an additional approximately 20% to $4.21, corresponding to the peak established on April 1.
Technical indicators are currently giving mixed signals. On the daily chart, the RSI is at 56 and has bounced back from the neutral line, reflecting signs of increasing buying pressure. At the same time, the 50-day EMA and the 100-day EMA are nearing a golden cross – a signal that usually indicates a short-term recovery trend is being reinforced.
However, the MACD line remains close to the signal line in a bearish crossover state, implying that the downward pressure has not completely vanished, although it has weakened.
Conversely, if the price closes below the 50-day EMA at $3.22, the current accumulation zone may be broken, opening up the risk of a correction towards the psychological level of $3.