- Toncoin has seen a surge in whale activity on its network.
TON, however, is at risk of a price decline.
As an experienced cryptocurrency analyst, I’ve seen my fair share of market trends and price movements. The recent surge in whale activity on Toncoin’s network is an interesting development. However, based on current market indicators, TON is at risk of a price decline.
I, as a CryptoQuant analyst, have uncovered some noteworthy developments in the Toncoin [TON] ecosystem recently. Specifically, there has been a noticeable increase in whale transactions on the network over the past few weeks.
Based on Wedson’s information, there have been over a billion dollars worth of whale-sized transactions on the network in the recent past, specifically those ranging from 100,000 to 1 million TON.
“Indicating significant activity among the largest addresses on the network.”
Wedson pointed out that a large proportion of the overall action on the Toncoin network is made up of smaller transactions valued under 100 TON.
“Their impact is relatively low, moving only around 4 to 5 million TON on the blockchain.”
Instead of small transactions making up the majority of network activity, it is the larger transactions between 100,000 and 1 million TON that constitute over half (53%) of the total transaction volume on the network.
Further, transactions exceeding 1 million TON currently represent 30% of Toncoin’s total volume.
TON whales fail to move the needle
In spite of the increased whale interactions on its network, TON is prepared to dip below the lower boundary of its upward trendline, which has served as a crucial support threshold since the commencement of this month.
When the price of an asset continues to move in a particular direction, it’s a sign that sellers are more active than buyers in the market, potentially indicating an upcoming price drop.
As a researcher examining TON‘s chart, I notice that the price has dropped below its 20-day Exponential Moving Average (EMA). This observation implies an increased probability of further price decreases for this cryptocurrency.
The daily chart analysis of TON‘s coin price revealed that it dipped below its 20-day Exponential Moving Average on May 17th, which was the initial occurrence since the beginning of the month.
The recent crossover signifies that TON‘s current press time price is now lower than its average price over the previous 20 days. This indicates a growing trend toward selling and could potentially lead to further decreases in the coin’s value.
As a researcher, I’ve observed that since the last check, TON‘s value has decreased by 3%. Based on data from CoinMarketCap, its current price stands at $6.45.
As a market analyst, I’ve observed a growing trend of bearish sentiment towards TON. At the moment of observation, TON’s MACD line was on the verge of dropping beneath its signal line.
If the short-term moving average of the coin drops below its long-term moving average, this indicates that the coin’s uptrend has weakened.
If the price of TON dips below the support level, it could potentially drop to around $5.70. Conversely, if this support holds, we may see a surge towards $6.7.
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2024-05-19 05:11