Rally

bullish

Toncoin

Resistance

<p>Toncoin, the native crypto on TON demonstrated a continuation of the bullish demand this week after a bullish November. </p> 
<p>Its latest price action pushed above November highs but the bulls might be stopped on their tracks.</p> 
<p>The latest Toncoin rally was characterized by an extension of strong demand that prevailed in the last 4 weeks. </p> 
<p>This was evident by the recent surge in positive funding rates, revealing that derivatives traders were still bullish this week.</p> 
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  <img loading="lazy" decoding="async" width="1024" height="255" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-100-1024x255.png" alt="" class="wp-image-865264" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-100-1024x255.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-100-300x75.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-100-768x191.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-100-150x37.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-100-696x173.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-100-1068x266.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-100.png 1340w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Toncoin funding rates / source: Coinglass
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<p>It’s worth noting that despite the positive funding rates, Toncoin open interest has been relatively weak. OI in the cryptourrency amounted to $267.5 million.</p> 
<p>While this was a healthy sum and a noteworthy gain in the last 4 weeks, it did not necessarily signal robust demand. Open interest was notably lower than it was in August.</p> 
<h2 class="wp-block-heading" id="h-toncoin-bulls-encounter-resistance-at-historically-significant-level"><strong>Toncoin Bulls Encounter Resistance at Historically Significant Level</strong></h2> 
<p>Although Toncoin has demonstrated continuation of its November momentum, price may be due for a retracement. </p> 
<p>This is because the latest demand wave saw it rally as high as $7.19, after which sell pressure made a comeback.</p> 
<p>The $7 price level previously acted as a resistance and a similar outcome appeared to play out with its latest push. </p> 
<p>Remember the observation that the recent demand was not as strong as it was in August? Well, this may underscore the fate of Toncoin in the next few days.</p> 
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  <img loading="lazy" decoding="async" width="1013" height="585" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-101.png" alt="" class="wp-image-865273" style="width: 100%;height:auto" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-101.png 1013w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-101-300x173.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-101-768x444.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-101-150x87.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-101-696x402.png 696w" sizes="auto, (max-width: 1013px) 100vw, 1013px">
  <figcaption class="wp-element-caption">
   Toncoin price action / source: TradingView
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<p>Chances are that the cryptocurrency will likely struggle to overcome the $7 resistance level in the absence of <a href="https://www.thecoinrepublic.com/2024/12/03/bitcoin-price-in-parabolic-mode-analyst-explains-why-we-are-still-early/">robust demand</a>. </p> 
<p>The probability that demand will cool off was also significantly high accounting for the fact that it TON was overbought after its latest push.</p> 
<p>The above data suggests that Toncoin could be on the verge of a slight retracement. However, robust and sustained demand could soon push past the same resistance level.</p> 
<h2 class="wp-block-heading" id="h-ton-addresses-achieve-noteworthy-milestone"><strong>TON Addresses Achieve Noteworthy Milestone</strong></h2> 
<p>The total number of addresses on TON soared to 67,680 addresses as of 4 November. This was the highest number of addresses that the network recorded in its history.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large is-resized">
  <img loading="lazy" decoding="async" width="1024" height="683" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-102-1024x683.png" alt="" class="wp-image-865280" style="width: 100%;height:auto" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-102-1024x683.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-102-300x200.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-102-768x512.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-102-150x100.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-102-696x464.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-102-1068x712.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-102.png 1200w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   TON addresses / source: IntoTheBlock
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<p>Address stats may also offer some insights into holder behavior. For example, addresses with zero balance grew considerably in the last 3 weeks.</p> 
<p>For instance, total zero balance amounted to 34,810 addresses as of 21 November. That figure has since grown to 35,740 as of 3 November. </p> 
<p>A sign that more addresses offloaded their Toncoin holdings as price soared higher.</p> 
<p>TON on-chain data failed to demonstrate strong network activity that may offer more bullish confidence. </p> 
<p>For example, the network’s <a href="https://www.thecoinrepublic.com/2024/12/03/stablecoin-liquidity-redefines-altseason-dynamics-in-crypto-market/">stablecoin marketcap</a> dipped slightly from its highest point in November.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full is-resized">
  <img loading="lazy" decoding="async" width="661" height="307" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-103.png" alt="" class="wp-image-865288" style="width: 100%;height:auto" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-103.png 661w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-103-300x139.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-103-150x70.png 150w" sizes="auto, (max-width: 661px) 100vw, 661px">
  <figcaption class="wp-element-caption">
   TON volume, TVL and stablecoin marketcap / source: DeFiLlama
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 </figure>
</div> 
<p>TVL also struggled to achieve considerable upside, indicating relatively weak activity. It declined from over $777.1 million in July to $358.56 million as of 3 December. </p> 
<p>Despite this, we did observe positive volume growth since the end of November. A reflection of the extended bullish momentum.</p> 
<p>On-chain data did not offer much to support a strong bullish case for Toncoin. However, more upside will likely be the order of the day if the overall market conditions remain bullish. </p> 
<p>However, pullbacks are expected to take place along the way and the latest one could already be in the works.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/12/05/toncoin-funding-rates-rally-to-3-month-highs-as-bulls-push-into-noteworthy-resistance-zone/">Toncoin Funding Rates Rally To 3-Month Highs, Bulls Encounter Resistance</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Toncoin Funding Rates Rally To 3-Month Highs, Bulls Encounter Resistance

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