Toncoin is showing strength compared to many other major cryptocurrencies, with its recent price action drawing attention from traders. Despite a broader market slowdown, TON has managed to post gains and display early signs of recovery.
At the time of writing, Toncoin is trading near $1.40, up by more than 1% on the day. The token has recovered around 4.5% over the past 2 days after suffering a sharp correction last week, when prices dropped by more than 11%.
While the wider crypto market struggled earlier this week due to a sell off in global tech and financial stocks, TON managed to outperform. Since Monday, the token has added nearly 5% to its value, suggesting renewed interest from retail traders.
Derivatives data supports this improving outlook. According to CoinGlass, Toncoin’s long to short ratio has climbed to 1.06 and continues to rise steadily. A ratio above 1 indicates that more traders are betting on price increases rather than further declines.
Funding rates have also turned positive, signaling growing bullish sentiment. The OI weighted funding rate currently stands at 0.0045%, showing that long traders are paying shorts. This typically reflects confidence in a short term recovery.
From a technical perspective, TON recently retested its daily support level at $1.31 during last week’s correction. That support held firmly, allowing the price to bounce and stabilize near current levels.
Momentum indicators are beginning to improve as well. The Relative Strength Index on the 4 hour chart has rebounded to 49 after coming out of oversold territory, pointing to strengthening buying pressure. Meanwhile, the MACD indicator is converging below neutral levels, adding further support to the recovery narrative.
If bullish momentum continues, Toncoin could attempt a move toward the $1.50 level, with the 50 day EMA near $1.59 acting as the next major resistance. However, failure to sustain buying interest could lead to another pullback, potentially pushing the price back toward the $1.31 support zone.