- TON’s technical indicators suggest mixed signals, with RSI hinting at a potential rebound.
Open interest and a near-balanced long/short ratio indicate rising speculation and possible volatility.
As a seasoned crypto investor with over a decade of trading under my belt, I must admit that TON has been a rollercoaster ride so far this year. The rapid growth in holders and the increasing interest from traders are certainly indicative of a strong market. However, as someone who’s seen more than a few crypto winter cycles, I can’t help but feel a sense of cautious optimism when looking at TON’s technical analysis.
As an analyst, I’ve observed an unprecedented surge in Toncoin (TON) adoption. At the start of 2024, we had approximately 4.3 million holders, but today, that number has skyrocketed to a whopping 100 million. This rapid expansion in user base is not without its accompanying effects – trading volume has seen a significant uptick, reflecting the intense market interest in Toncoin.
Currently, TON is being exchanged for around $5.18, experiencing a minor dip of 0.25% in the last 24 hours. The key issue now is whether TON can maintain this pace and potentially climb into higher value territories.
TON technical analysis: Is a rally coming?
Looking at TON‘s technical signs, the Relative Strength Index (RSI) stood at 45.18, implying the market is slightly undervalued and leans towards being oversold. This suggests that a potential recovery may soon occur.
Nevertheless, the MACD (Moving Average Convergence Divergence) points towards a potential downtrend, since the histogram is slightly below zero, indicating weak momentum with little movement up or down.
Consequently, traders are closely watching for a breakout signal to determine TON’s next move.
TON network activity: A short-term dip or long-term growth?
Each day, the number of actively used addresses gives us valuable information about TON‘s network vitality. Currently, there are 174 active addresses, which is slightly lower than the 188 recorded yesterday. This minor decrease could possibly indicate a brief pause or reduction in activity.
On the other hand, given the significant rise in long-term investors, the overall expansion of the network continues to be solid. Furthermore, the influx of fresh participants indicates resilient acceptance, as short-term activity might occasionally vary.
Long/short ratio: Bearish sentiment could trigger a rebound
It’s worth noting that the revised long/short ratio indicates a relatively even trader sentiment. At present, approximately 53.45% of traders are taking short positions, while about 46.55% are going long. This implies that the long/short ratio is currently 0.8709, implying that bears might still hold a slight advantage.
However, the margin is much narrower than in previous sessions.
Consequently, this balance suggests that the market might experience fluctuations up or down. Therefore, it’s advisable for traders to stay alert, as unexpected changes in price may occur since the struggle between buyers (bulls) and sellers (bears) becomes more intense.
Open interest: Rising speculation could fuel volatility
The amount invested in TON futures has climbed by approximately 1.02%, currently standing at about $232.72 million. This rise indicates a surge in speculative activity, as traders are increasingly adopting leveraged positions, anticipating additional price fluctuations.
As volatility rises, the market could experience sudden and dramatic shifts.
Read Toncoin’s [TON] Price Prediction 2024–2025
It appears that TON could be poised for another surge. While certain technical markers suggest temporary downward trends, the escalating number of holders and growing buzz indicate a persistent upward trend.
If TON breaks through its resistance levels, a significant rally could follow.
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2024-10-10 12:08