- TON defied market trends with a 7.87% surge in seven days.
Pantera announced a massive investment in TON Network.
As a seasoned crypto investor with a keen eye for market trends and fundamental analysis, I’ve been closely monitoring the recent developments surrounding Toncoin (TON). Despite the bearish sentiment that has pervaded the broader cryptocurrency market in the past week, TON has defied the odds with a 7.87% surge in seven days.
Over the past week, the cryptocurrency market has seen a significant drop. Particularly hard-hit have been altcoins, which followed Bitcoin‘s lead in declining by approximately 5.55% to reach a price of around $61,000.
Despite the intense market pressure, Toncoin (TON) has shown resilience, registering a robust increase of 7.87% over the past week. This is an impressive gain given the current market conditions.
What’s driving TON’s recent resilience?
Notably, multiple factors have pushed Ton’s prices over the last seven days.
As a researcher studying the dynamics of the Ton market, I’ve observed that Panthera Investment, led by Dan Morehead, the Founder and Managing Partner at Pantera Capital, has significantly contributed to the market’s buzz. Based on a post he shared on X (previously known as Twitter), Panthera Investment’s involvement has been instrumental in amplifying the market activities.
” Pantera recently made the largest investment in its history in #TON.
He explained that,
As a market analyst, I would express this idea by saying: “I believe that TON has the potential to onboard the masses into the world of cryptocurrencies due to its extensive utilization within the Telegram community.”
“The significant investment made by Pantera Capital in Ton has led to a large amount of capital flowing into the cryptocurrency, a trend that can be largely explained by its ongoing expansion.”
An additional factor enhancing TON‘s robustness is the full adoption of USDT on the TON Network by Binance. Reports indicate that this integration has been officially completed.
The connection between the elements is essential because it opens up a significant potential for expanded influence and enhanced functionality.
What TON’s technical indicators show
Based on AMBCrypto’s analysis, TON‘s price is currently rising. The Simple Moving Average (SMA) is positioned slightly lower than the daily chart’s prices, which are now at approximately $7.50, with an SMA value of around $7.29.
An SMA below prices on daily charts implies continued uptrend movement and a sustained trend.
As a crypto investor, I’d interpret this as: At the current moment, TON‘s Relative Strength Index (RSI) stands at 55, having risen from 49 earlier. This RSI reading suggests that TON is undergoing an upward trend and holds a higher probability of generating short-term profits rather than incurring losses.
The Relative Strength Index (RSI) has been climbing steadily and is close to surpassing its moving average based on the RSI indicator. This signifies a stronger uptrend that is likely to persist.
Upon closer examination, Santiment’s data indicates a significant rise in whale holdings. Specifically, the amount of tokens in the possession of these large investors has gone up from $52 million to $54 million within the past week.
Whales’ increased buying activity, signifying their faith in the altcoin, indicates a strong belief that they can realize profits by selling soon. This optimistic outlook, coupled with their ongoing acquisition of the asset, reflects favorable market attitudes.
Also, analysis of Santiment shows reduced exchange outflow from a high of 149k to 4k.
As an analyst, I would interpret a decrease in exchange outflows as a sign of diminished selling pressure. This means that holders are choosing to keep their assets on exchanges, likely with the expectation of capitalizing on near-term buying or trading opportunities.
Toncoin’s next move
Currently, TON is priced at $7.50 in the media’s latest report. The cryptocurrency encounters a notable barrier at approximately $7.76. Should TON surmount this barrier, its value is predicted to advance towards around $8.24.
Read Toncoin (TON) Price Prediction 2024-25
Similarly, the 200-day moving average at $7.32 suggests the ongoing upward trend and could serve as a resilient support level should prices dip or fluctuate.
However, NOT must maintain its strong support level around $6.78 to continue the bullish trend.
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2024-06-26 18:16