Why Toncoin might dip to $7.2 before rising to new highs

As a seasoned crypto investor with a few years of experience under my belt, I’ve seen my fair share of market ups and downs. And let me tell you, Toncoin [TON] has been a breath of fresh air in these volatile times.

As a researcher studying the cryptocurrency market last week, I noticed that many coins faced challenges in turning their charts green. However, Toncoin (TON) stood out with unique behavior. Looking ahead, I’m optimistic about the potential improvements for TON as it gears up for an anticipated rally.

Investors need to exercise patience, as the token may initially experience a decline before regaining its bullish trend.

Toncoin’s bullish future

According to recent data from CoinMarketCap, the price of TON has experienced a significant rise over the past week, with an increase of over 1.7%. Even more notably, within the last day, its value has climbed almost $2.

Currently, the value of TON is being exchanged for $7.79 in the cryptocurrency market, and its total worth exceeds $18.9 billion, placing it as the ninth most valuable crypto asset.

As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development with TON. The surge in price has significantly influenced the token’s sentiment graph, causing a notable increase in bullish feelings among investors. Additionally, social volume surrounding TON has experienced a marked uptick, indicating heightened interest and popularity within the community.

Why Toncoin might dip to $7.2 before rising to new highs

Apart from this, AMBCrypto reported earlier how Toncoin outshined Ethereum [ETH].

As a crypto investor, I’ve been closely monitoring the activity on Toncoin and Ethereum networks. To my surprise, for the past ten out of twelve days, the number of unique addresses transacting on Toncoin has surpassed that of Ethereum. This is an interesting development in the world of cryptocurrencies.

In a recent tweet, renowned crypto analyst Ali shared intriguing information about Toncoin, bringing welcome news to its community.

Based on my analysis of the tweet, I believe TON is gearing up for an uptrend that could potentially push its price towards the $11 mark within the near future.

Investors may need to be patient as TON goes through its consolidation process. Consequently, the price of TON could decrease from $7.2 to prepare for a robust uptrend.

Will TON drop to $7.2?

I, as a researcher at AMBCrypto, examined Santiment’s data to assess if TON could potentially drop to $7.2. According to my analysis, the buying pressure for TON was robust, as indicated by an increase in its exchange outflow.

As a crypto investor observing market trends, I’ve noticed an intriguing development. The amount of a particular cryptocurrency available for trading on exchanges has decreased, while the supply held in private wallets has risen. This situation suggests that more investors are buying the cryptocurrency off the exchanges, increasing demand and driving up the price. In simpler terms, there’s less of this crypto coin available to be sold on exchanges, indicating strong buying pressure from the investor community.

Whales decided to offload their Toncoin holdings, causing a significant decrease in the coin’s supply among large wallets. Consequently, this selling pressure could potentially lead to Toncoin’s price falling to around $7.2.

Why Toncoin might dip to $7.2 before rising to new highs

Read Toncoin’s [TON] Price Prediction 2024-25

To gain insight into the possibility of a minor price adjustment for TON, we examined its daily price chart in detail. Based on our assessment, the value of TON reached the maximum level within the Bollinger Bands, historically signaling potential price corrections.

Furthermore, the RSI of TON indicated values close to the overbought threshold. Should this marker increase, trading activity could potentially shift towards sellers, potentially causing a decline in the token’s value.

2024-06-14 12:07

Toncoin’s bullish future

Will TON drop to $7.2?

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