Toncoin, 6x Long Bet Explodes... Breaks Resistance and Targets $2

▲ Toncoin (TON)

Toncoin (TON) is attracting market attention by showing a strong breakout trend, escaping the downward pressure that has lasted for several months.

U.Today reported on May 5 (local time) that Toncoin has broken through key resistance levels with two recent strong upward movements. The price has risen above both short-term and medium-term moving averages, accompanied by increased trading volume. U.Today assessed this trend as a structure indicating the potential for genuine buying interest rather than mere short-term speculation.

Bullish bets have also been observed in the derivatives market. A recently created wallet, 0xbcda, opened a 6x leveraged long position of 768,058 TON on Hyperliquid. The value of this position is estimated at approximately $1.31 million, with a liquidation price set at $1.4213. U.Today analyzed that the size and leverage of this position suggest a deliberate bet on continued upward movement rather than an accidental entry.

On the chart, Toncoin appears to have formed a base in the $1.20 to $1.50 range for a considerable period. Attempts to break below this range failed multiple times, and the area functioned as an accumulation zone. The recent breakout above this range and the upward breakthrough of key moving averages are interpreted as signals of a shift in the short-term structure.

However, momentum indicators also suggest the possibility of overheating. The Relative Strength Index (RSI) is in a high zone, indicating strong current upward momentum, but simultaneously, the risk of short-term overheating is increasing. For the uptrend to continue, above-average trading volume must be maintained, and the area around $1.50, which was previously a resistance level, must hold as support.

U.Today projected that if Toncoin maintains its position above $1.50, the bullish structure will be preserved, and further upward targets could open up to the $1.80 to $2.00 range. Conversely, if it falls back below this range, the current breakout structure would weaken, and the likelihood of returning to a sideways trading range would increase.

While a large leveraged long position can act as a bullish signal during an upward move, it can also be a variable that accelerates a decline by triggering cascading liquidations if the price approaches the liquidation zone. Toncoin has now entered a phase where strong buying pressure and overheating concerns are simultaneously present, and the ability to maintain support at $1.50 has emerged as a key criterion for determining its next direction.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*