Despite a recent price increase, the number of Toncoin’s (TON) long-term investors has decreased. Still, TON has stayed strong in a market where most cryptocurrencies have been declining. If this bullish trend continues, TON could soon reach $6.85.
This makes it interesting to explore what has supported TON’s rise and whether this momentum can be sustained.
Toncoin’s Strong Performance Amidst Market Struggles
While major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have struggled to gain momentum, Toncoin (TON) has defied the trend, experiencing a price increase of over 6% in the last 24 hours. As of now, TON is trading at $6.70, with a market capitalization exceeding $16.8 billion, making it the 8th largest cryptocurrency.
A significant factor in TON’s recent bullish trend is its listing on Binance, one of the world’s largest cryptocurrency exchanges. This development played a crucial role in driving TON’s price upward. However, despite the price hike, data from IntoTheBlock shows that only 35% of TON investors are currently “in the money,” meaning the recent surge hasn’t led to widespread profits.
Source: IntoTheBlock
Interestingly, the number of investors holding TON for more than a year has been declining, suggesting that long-term holders are selling off their holdings to take advantage of the recent gains.
Further analysis from Santiment reveals that buying pressure for TON has increased in recent days, as evidenced by a drop in its supply on exchanges and a corresponding rise in supply outside of exchanges. Additionally, there has been a spike in exchange outflows for TON, further indicating heightened buying interest.
However, after a sharp rise, the amount of Toncoin held by top addresses has decreased, suggesting that major players in the crypto market may be selling off their holdings. This could signal a potential price correction in the near future.
Source: Santiment
Toncoin’s Bullish Indicators and Key Resistance Levels
Toncoin’s daily chart reveals a mix of bullish and bearish signals, though the overall market indicators suggest a strong potential for continued price growth. One key bullish indicator is the MACD (Moving Average Convergence Divergence), which recently showed a bullish crossover, a sign that upward momentum could continue.
Additionally, Toncoin’s Relative Strength Index (RSI) has seen an uptick, indicating growing buying pressure. The Money Flow Index (MFI) also followed this trend, further supporting the likelihood of a sustained price increase.
However, data from Hyblock Capital indicates a significant resistance level at $6.85, where Toncoin could face a large volume of liquidations. To maintain its bullish momentum, TON will need to break through this level. If it fails and a bearish trend takes over, investors could see TON’s price dropping to around $6.02.
Source: Hyblock Capital
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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