Toncoin Market Analysis: Bullish Breakout Potential Signals Optimism

Toncoin Exchange Liquidation Map: Longs and Shorts Battle

The current Toncoin Exchange Liquidation Map reveals a close competition between long and short traders. As of September 26, 2024, the cumulative LONG liquidation leverage is at $14 million, slightly edging out the cumulative short leverage of $13 million.

This $1 million difference indicates a slight advantage for bullish traders, with long positions comprising 51.85% of total active leveraged contracts compared to shorts at 48.15%.

The higher long liquidation leverage suggests positive market sentiment towards upward price movement and a potential short squeeze scenario if Toncoin breaks above the $6 psychological resistance.

Toncoin Price Forecast: Potential Breakout at $6 Resistance

Despite encountering resistance at $6, Toncoin’s market sentiment leans towards bullish sentiment among short-term traders.

Current technical indicators indicate a possible bullish breakout, particularly as the Donchian Channel highlights a narrow range between $5.26 and $5.93. This tightening range signals the potential for increased volatility upon a breakout above $6.