Over the past two weeks, Toncoin (TON) price saw a significant retracement and dragged over 25%, retesting the 200-day EMA mark this week. Despite the increased selling pressure, the TON price saw a sharp pullback in the last session.

The renowned crypto exchange, Binance, announced the listing of Toncoin on August 8 on its platform. It led to increased buying interest and demand for TON and it exhibited a surge of over 10% intraday.

The Toncoin price recently made a double bottom formation around its base 200-day EMA mark and saw a notable pullback over 7% intraday and 30% in a week. Amidst the market’s ups and downs, the token was poised for a reversal and could see a bullish reversal ahead.

When writing, the TON price traded at $6.17 with an intraday surge of 8.26%, reflecting buying momentum with increased volume participation.

Fueled by the increased demand and a recent reversal, the Toncoin bulls were looking to regain the bullish momentum. They seemed to be willing to execute a potential reversal ahead.

Toncoin (TON) Seems Set for a Reversal: Price Action Outlook

Despite the market’s recent bloodbath, the TON price traded in the bullish region and stayed above the 38.2% Fib cluster, defining the long-term bullish trend.

In the last 24 hours, a significant pullback with an increase of over 180% in the trading volume was noted. It signified the investors’ optimism for TON.

At press time, The RSI for Toncoin was 43 and saw a sharp vertical spike, indicating that the token has reverted the gains from the oversold trajectory. Notably, high reversal chances were plotted when the asset bounced from the 200-day EMA, resulting in a potential up move.

@ICODrops tweeted that Binance will list the Ton and open trading from 8-8-24.

Per the price action, the token has completed the retracement cycle and is set for the next reversal phase, which could soon lift the token price to the $8 mark.

Social Metrics Noted a Sharp Surge

Fueled by the price reversal, the social dominance curve noted a massive rise and lifted over 32% to 2.241%. This means the media buzz for the TON coin saw a sharp incremental move, and investors have started to chat on media platforms.

Similarly, the number of active addresses on the Toncoin chain witnessed a surge of about 7%, rising to 624. That reflected improved user engagement, growing activity on the network, and the possibility of greater adoption of the ecosystem.

Despite the positive metrics data, the market trend was directing mixed cues. The coin price took support around the 200-day EMA mark and was on the brink of a trend reversal.

Futures Open Interest Saw a Massive Rise

Following the sharp price rise, a long buildup activity in the futures trading and the Open Interest (OI) grew over 23.20% to $223.34 Million in the past 24 hours.

Open Interest Data Source: Coinglass

If the TON price succeeds in holding gains above the $6.50 mark, it can trigger a recovery. It might go toward the upside resistance zone of $7.0 and then $8 ahead.

On the other hand, if the coin price fails to secure the $6 mark, a significant fall can be seen ahead.