TON’s $2.79 Trap—Here’s Why Bulls Are Poised for a Surprise Rally

Source : https://x.com/ali_charts/status/1942870339249471971 

Consider current TON trading at 2.79, and you can almost hear the community enthusiastically groan~ of the majority, the holders are sitting in a red position. A relatively large number of addresses are in-the-money and conveniently so (158.5 Million TON, or 15.6 percent of the volume) that were bought at a price roughly equal to or less than the current value today. In the meantime, a huge 853.7 Million TON (84.2%) hangs out-of-the-money, having been sold at prices over 2.79. What is the most painful thing? At the $2.79 to 2.88 range, things are the other way around, with 1.87 Million addresses having 770 Million TON with a mean cost base of $2.84; that is, the big herd is sitting on small losses currently. And only 1.55 Million TON (0.15%) are precisely at-the-money, and few investors have made their money back.

Source : TradingView

Looking at the 4-hour analysis chart of TON/USDT, every time it inches toward that $2.93– 2.98, bears push it right back down. Also, the green line, 200-period EMA hovering at $2.916, is like a heavy lid on a pot: unless bulls can push it and flip it more upward.

Back on July 5, the price reached the $2.68–2.72 demand block looking for “sell-side liquidity” – basically, it was hunting for those who put a tight stop loss below support. When it broke to the downside at that area, it terrified late-entry bulls into liquidating their positions, and TON rose to a new high in one 4-hour candle. Such a decision created a fair value gap (FVG) of approximately $2.71 and 2.76.

On the indicators side, the RSI is trading within range near the 50 mark and the MACD indicator line barely crosses the signal line, which makes the histogram green, indicating that bullish momentum can be expected. 

Until TON can successfully cross the 200 EMA, the bears are in the advantage. A successful break past $2.93– 2.98 would open the door to a fresh test of resistance, but a rejection at the can send it right back toward the support. 

Whether TON can emerge out of its downtrend depends on whether those technical obstacles can be overcome, but what then? We need systems with instant payment and instant payments on the chain at your local coffee shop. LF Labs has created the bridge using its Crypto Payment PoS machines and the self-custodial LF Wallet. Offering pilot implementations on retail stores and Web3 events, LF Labs is oiling the journey between the wallet and the checkout.

LF Labs also organizes an accelerator program and provides an open SDK, making it possible to run payment rails within a Web3 startup in a few minutes. They have invested in projects with capital, guidance, and legitimate distribution as well, which forms a network effect that benefits both developers and merchants. You own a small business and want to start taking on-chain payments, or you are a creator and have developed the next DeFi dApp, whatever the reason, we have all the rails you need, starting with security, compliance, and low fees.

With LF Labs now updating the firmware of its terminals and getting ready to get listed on 20 additional exchanges, the team is looking forward to completing a milestone of its native token LF reaching $1 soon. You can pre-order their PoS machine at https://pos.lflabs.fund.

Should TON be able to overcome its technical dilemmas, combining such a breakout with the checkout network provided by LF Labs may be quite a one-two combination and create actual utility and a possible re-rating in the marketplace.

Related: Affluent Launches USDT Multiply Vault: Automated Yields for Stablecoin Holders