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Toncoin (TON) had come under massive selling pressure on Friday, 12 April with the price of the token dropping from $7 to $5 within a four-hour period.
However, buyers took advantage of the dip to raise the buying pressure with TON trading at $6.5, as of the time of writing. With further bullish upside available for buyers, TON could reach a key price milestone in the near term.
Buyers Display Strength Despite Selling Pressure
The Relative Strength Index (RSI) dipped under the neutral 50 during the massive sell-off but quickly rebounded to the neutral 50 mark to signal at key buying support for TON in the spot market.
This was further highlighted with the Chaikin Money Flow (CMF) registering a reading of +0.19, indicating considerable capital inflows to TON.
As such, buyers looking to bid long positions for TON can enter at the current market price with a short term profit outlook at $7.5 and a long term outlook at $8 to $8.5.
This could see TON hit a new all-time high in the short to medium term price outlook.
TON Airdrop for Memecoin Traders
On 11 April, Ton Foundation announced a $2.9 million airdrop for the most active memecoin traders using pairs with TON or stablecoins.
Also, a recent tweet by Anthony Tsivarev, director of ecosystem development at TON Foundation showed that the number of accounts (smart contracts) on the TON blockchain had doubled over the last month.
With TON foundation incentivizing memecoin traders to use TON for swaps, this could lead to a rise in its daily trading volume and demand for TON. Consequently, it could produce more buying pressure and a price increase for TON.
Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.
