- TON declined by 3.75% over the past 7 days.
Defying recent trend on monthly charts, Toncoin is positioned for further decline in short term.
As a seasoned crypto investor who has navigated through numerous market cycles, I must admit that watching TON‘s performance over the past few weeks has been quite the rollercoaster ride. While it’s always exciting to see BTC and other altcoins surge on monthly charts, the opposite trend with Toncoin has left me scratching my head.
In my experience as a crypto investor, while Bitcoin (BTC) and many alternative coins have seen modest increases in our discussions over the past month, Toncoin (TON) has taken a distinct turn. This digital currency, unlike others, has witnessed a significant downturn during this period.
Currently, Toncoin is being traded at $5.11. This represents a decrease of 2.19% compared to the previous day. On a monthly scale, Toncoin has seen a drop of 1.91%, with an additional bearish trend extension of 3.75% over the last week.
Under these market circumstances, analysts are pondering over the potential path for TON. Among them, the well-known cryptocurrency analyst, Dark Knight, proposes that for TON to recover its bullish trend, it requires a significant rebound.
What market sentiment says
According to Dark Knight’s assessment, the value of TON is expected to fluctuate within a band of approximately $5.1 to $5.9. Contrary to the usual trend where Bitcoin’s growth prompts altcoins to rise, TON has not responded in the same manner following its recent gains.
In summary, the altcoin hasn’t managed to surpass crucial resistance points yet. However, despite its current fluctuating prices, the analyst remains optimistic about TON‘s future as the widespread use of the Toncoin blockchain is growing, which could potentially bring positive outcomes for its long-term prospects.
Consequently, given this comparison, it appears that TON could experience a temporary downward trend in the short term. If the price falls beneath the crucial support level, it’s likely to continue dropping towards the subsequent significant support at $4.4.
Significantly, for the altcoin to experience any bullish outlook, a strong bounce is needed.
What TON charts show…
As a researcher, it’s crucial for me to explore alternative perspectives amidst the gloomy projections presented by my colleagues. Let’s delve deeper into the underlying fundamentals to gain a more balanced view of the situation.
Initially, it’s worth noting that the amount of Toncoin available for trading on exchanges has grown noticeably within the last week. Typically, an increase in the exchange supply suggests that investors are transferring their assets to platforms where they can quickly liquidate them if needed.
This signals that investors expect Toncoin prices to decline and are looking to take profit.
Furthermore, the amount of Toncoin held outside exchanges has decreased significantly in the last month, dropping from approximately $10.11 million to $9.9 million. This trend suggests that investors may be choosing to sell their holdings rather than keeping them for long-term investment.
To put it simply, the number of Toncoin’s large holdings has decreased significantly, from a peak of 291,450 to just 61,540. This trend indicates that these major holders are reducing the amount they’re investing in Toncoin. When large investors reduce their investment, it often means they have doubts about the future potential of the altcoin.
Read Toncoin (TON) Price Prediction 2024-25
Essentially, it’s clear that TON is facing a significant decline, with pessimism prevailing in the market. Given the present market circumstances, if this trend persists, the next probable support level for Toncoin could be approximately $4.60.
However, a market correction with a strong bounce would push TON up towards $5.84.
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2024-10-10 19:03