- Toncoin has shown renewed vigor after regaining its position above the ascending triangle support.
Over 6.02 million active addresses are engaged in trading TON, intensifying the supply squeeze.
As a seasoned analyst with over two decades of market experience under my belt, I’ve seen my fair share of market ebbs and flows. But when it comes to Toncoin [TON], recent developments have piqued my interest. After struggling to gain substantial ground due to its unique market dynamics, TON has shown renewed vigor by reclaiming its position above the ascending triangle support.
In spite of the historical difficulties it faced in making significant progress because of its unique market conditions, Toncoin [TON] has shown a positive trend lately, increasing by 8.35% every month and 3.62% each week.
The daily fluctuations, on the other hand, remained stable.
Despite its consistent performance on a day-to-day basis, the TON‘s market growth suggests it’s poised for an upward trend.
Liquidity setup for an upcoming upswing
At the moment of writing, TON was being traded within an upward-sloping triangle pattern, which is often observed prior to substantial price increases.
On the 27th of September, TON momentarily broke free from its usual trading pattern, only to return after encountering a supply area where it had to retreat.
Lately, TON has found a base at the lower part of an ascending triangle pattern and is now moving upwards.
The rally for TON might significantly pick up speed when it manages to finish the day with a candlestick above the upper boundary of the current pattern, specifically at around 5.818. This could potentially propel its value to reach approximately $6.503.
If TON doesn’t manage to breach this resistance, it seems probable that I’ll find myself holding onto it as it moves within its current price pattern, potentially dipping back towards the base support level. This dip might be due to the coin accumulating the required liquidity to finally surpass this resistance barrier.
According to AMBCrypto’s analysis, a decrease in market players, combined with an upcoming shortage in supply, might lead to an upcoming surge for TON.
TON trading activities intensify
Based on information from IntoTheBlock, there has been a significant drop in the number of active users or market players, following a rise in TON‘s worth.
At present, following the most recent report, approximately 6.02 million TON addresses are active, suggesting a decline in trading action within its market. This pattern often reflects the overall market feeling, which may lean towards either optimism (bullish) or pessimism (bearish).
On the contrary, AMBCrypto indicates that the present trend is actually rising, as evidenced by the outflow of negative exchange flow.
The amount of TON circulating on different cryptocurrency exchanges, as monitored by the Exchange Netflow, has dropped by approximately 1.5 million units.
This drop indicates that a substantial quantity of TON coins might be moving from exchanges into personal wallets for long-term storage, presumably.
Reducing the amount of TON available on exchanges often causes a shortage, because the increased interest in the cryptocurrency might boost demand, possibly causing its price to rise.
Final confirmation pending for TON bullish outlook
Although there are numerous indications and advancements pointing towards an optimistic future for TON, a clear-cut market validation has yet to be established.
The level of Open Interest, a metric that gauges traders’ involvement in the market, suggests that certain participants are leaning slightly towards a pessimistic outlook (bearish sentiment).
Read Toncoin’s [TON] Price Prediction 2024–2025
The drop in Open Interest by 0.41% places it at approximately $257.15 million, which suggests a slight decline.
A return of this indicator to a positive value could further support the idea that TON may increase in the following trading periods.
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2024-10-01 19:04