Why Toncoin’s Rise Might Just Be a Mirage – Don’t Get Fooled! 😱

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  • In the fleeting hours of the past day and a half, Toncoin has danced with fortune, its value swelling amidst a fervent demand.
  • Yet, the ominous liquidation heatmap whispers caution to the bulls, urging them to tread lightly.

Ah, dear reader, behold the tale of Toncoin [TON], which, like a phoenix, soared by 13.7% in a mere 24 hours, all thanks to the illustrious appointment of Nikola Plecas, a former VISA executive, as the Vice President of the TON Foundation. This rally, akin to a stubborn child, has dared to challenge the formidable resistance zone of $3.35-$3.5 for the third time in five weeks. One might wonder, is it a brave heart or a fool’s errand?

The repeated attempts to breach this resistance zone suggest a range formation, a curious phenomenon indeed. Should this be the case, it would be wise for Toncoin traders and those with short-term aspirations to consider selling their tokens at a profit, lest they find themselves ensnared in the web of their own desires.

Toncoin’s Range Formation: A Grim Omen for the Bulls

For nearly a month, this token has meandered within a range (depicted in purple), oscillating between $2.95 and $3.5, with the mid-range level resting at $3.23. The latest rally, a whirlwind of excitement, traversed from the depths of the range to its lofty heights in just 36 hours.

At its zenith, a local peak of $3.7 revealed a staggering gain of 26.5% in less than two days. This feat is particularly remarkable when one considers that Bitcoin [BTC] was grappling with its own struggles, attempting to rise above the $110k mark, while the altcoin market languished in a state of inertia. Truly, Toncoin’s ascent is a spectacle to behold!

Yet, amidst the jubilation, a note of caution lingers in the air. The upward movement was abruptly halted just beyond the range high, leaving the price teetering below the $3.48 resistance level. The On-Balance Volume (OBV) has shown signs of life, buoyed by high trading volumes in recent sessions, while the Awesome Oscillator appears to be flirting with a bullish crossover.

However, the liquidation heatmap casts a shadow over the bulls’ optimism. FOMO, that treacherous foe, now lurks in the shadows, ready to pounce on unsuspecting Toncoin traders. Since the 10th of May, a cluster of liquidity has been quietly accumulating around the $3.6-$3.66 region, like a gathering storm.

Moreover, another magnetic zone has emerged at the local high of $3.2, formed over the past week. Both liquidity clusters were swept away during the recent surge, a swift move that typically hunts liquidation levels and often leads to a reversal. Ah, the irony of fate!

If Toncoin fails to convert the $3.5 region into a bastion of support soon, traders would do well to brace themselves for a potential trend reversal. After all, in the world of trading, as in life, one must always be prepared for the unexpected twists and turns. 😏

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2025-05-29 09:46