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TON Price Plummets 18%, But Whales Buy $5M Tokens: Buy Now?

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4 months ago

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TON price is currently hovering around $6.79 but could continue climbing before it faces a tough hurdle. On-chain metrics suggest that Toncoin investors are accumulating the altcoin despite the recent crash.

Read more: Solana Price Analysis: $210 Target Remains Strong Amid 8% Correction

TON Price Likely to Bounce

TON price rallied 301% between February 23 and June 15, setting up an all-time high (ATH) of $8.28. Since then, the Toncoin price has produced a string of lower highs, suggesting a decline in bullish momentum. In the past two weeks, the altcoin breached the $7.01 and $7.25 support zone into a resistance zone and set up a lower low on the daily time frame. These developments suggest that a downtrend could be around the corner for Toncoin holders.

Going forward, investors can expect a minor bounce from the current level of $6,79 into the aforementioned resistance zone. This move could push TON price up by 5% to 8%. Rejection at the hands of this recently flipped hurdle could be a good place to short Toncoin.

The Relative Strength Index (RSI) has flipped the mean level 50, further confirming the bearish trend. The incoming bounce could push the RSI to retest the underside of the mean level, where it will likely face a reversal.

Depending on market conditions and selling pressure, TON could crash 13% to 17% to retest the next key support zone, extending from $5.90 to $6.23. If sidelined buyers do not show interest in accumulating TON at these levels, investors can expect a breakdown of this zone, knocking Toncoin price down to $5.17, the midpoint of the 300% rally noted in the first half of 2024.

TON/USDT 1-day chartTON/USDT 1-day chart

According to data from Santiment, whales holding between 10K to 100K and 100K to 1M TON have accumulated 670,000 tokens since June 15. Ideally, such a development is considered bullish and falls in line with the short-term bullish outlook noted from the technical standpoint, which forecasts that the TON price could rally 5% to 8%. However, investors should note that this metric should not be used as a standalone data point.

TON Price vs. Supply DistributionTON Price vs. Supply Distribution

A closer look shows that roughly 5.3 million TON tokens are held on centralized exchanges. This supply could be a potential selling pressure in dire market conditions. Investors could offload their tokens to prevent realizing massive losses. Hence, the long-term outlook of Toncoin price remains bearish.

TON price vs. Supply on ExchangesTON price vs. Supply on Exchanges

All in all, the long-term outlook for TON price remains bearish, and investors need to be aware of the risks. However, if Toncoin bulls overcome the $7.01 and $7.25 resistance zone and flip it into a support floor, it would invalidate the bullish thesis.

Such a development could see TON price attempt a 13% rally to retest the ATH of $8.28$7.01 and $7.258.

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Akash Girimath

Akash Girimath is an engineer at core, but is interested in the chaos of the financial markets. Akash is senior report and analyst who also trades cryptos on a regular basis and maintains a small crypto fund for friends and family.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Price analysis

Will Toncoin Price Hit $10 After Recent 20% Rally?

Published

5 hours ago

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November 24, 2024

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Toncoin price, a Telegram-affiliated altcoin, has experienced significant growth amid widespread market optimism this month. Recent trends reveal TON is making strides toward the $10 mark, driven by increasing bullish momentum and heightened trading activity. The cryptocurrency’s upward trajectory mirrors the broader crypto market rally, showcasing notable gains across multiple digital assets.

Can Toncoin Price Surpass $10 After Recent Gains?

Toncoin price has gained significant momentum recently, breaking past $6 after months of subdued activity. The cryptocurrency surged 15% over the past week, with an impressive 20% jump just today.

This rapid rise is attributed to Toncoin’s listing on the largest stock exchange in South Korea and its strategic expansion into the U.S. market. These moves have increased investor confidence, fueling demand and pushing prices higher.

The broader crypto market also witnessed bullish trends on Saturday, driving a wave of optimism globally. Bitcoin remains stable at $98,000, while altcoins, including Toncoin, continue to show upward momentum.

TON Price Surges 10% Amid Bullish Momentum

The latest TON price has shown a remarkable surge, climbing 20% within the past day. The cryptocurrency is now valued at $6.40, with its price performance displaying significant momentum. TONcoin reached an intraday high of $6.58, signaling a strong bullish trend.

Despite its recent gains, TON remains 20.91% below its all-time high of $8.24, recorded on June 15, 2024. However, the token has achieved a staggering increase of 1567.46% since its all-time low of $0.3906 on September 20, 2021.

The layer 1 maintains bullish momentum, with market conditions pushing prices upward despite resistance at the $7 mark. The cryptocurrency recently faced rejection at this price level, highlighting challenges in sustaining its upward trajectory.

Toncoin could overcome this hurdle if buyers increase pressure and extend its rally. Potential targets include $9 and $10, representing nearly a 50% surge from current levels. The Relative Strength Index (RSI), currently at 71, indicates that Toncoin is in the overbought region. 

Will Toncoin Price Hit $10 After Recent 20% Rally?Will Toncoin Price Hit $10 After Recent 20% Rally?
Toncoin Price Chart: TradingView

According to Coinglass, Toncoin’s derivatives market has witnessed a remarkable surge in activity. The trading volume soared, indicating heightened investor interest in the cryptocurrency. Additionally, open interest in Toncoin climbed high. This rise reflects a growing number of active positions in the derivatives market, signaling robust engagement from traders.

Will Toncoin Price Hit $10 After Recent 20% Rally?Will Toncoin Price Hit $10 After Recent 20% Rally?
Source- Coinglass

Toncoin’s recent rally showcases strong market momentum fueled by strategic expansions and bullish trends. While resistance at $7 poses challenges, increased investor interest and trading activity suggest potential for further growth, with $10 remaining an achievable target for TON enthusiasts.

Frequently Asked Questions (FAQs)

Toncoin surged due to its South Korean exchange listing and U.S. market expansion.

Toncoin’s all-time high was $8.24, reached on June 15, 2024.

Toncoin has surged 1567.46% from its all-time low of $0.3906 in 2021.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Toncoin Melts Down Despite TON Network’s USDT Milestone

Published

3 weeks ago

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November 3, 2024

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The TON Network is evolving at a very fast pace, with enablement from Tether (USDT). The duo inked their partnership in April this year, charting a positive bullish growth curve from that time to date. According to data from CryptoQuant, the USDT on TON Network has now officially crossed the $1 billion milestone.

Tether USDT and the TON Network – The Power Duo

Both Tether and TON are dominating different aspects of the market in their own rights. While Tether issues the industry’s biggest stablecoin, TON Network powers a new generation of Decentralized Applications (DApps) on Telegram.

Per the CryptoQuant data, USDT on TON has grown by 670% in the past 6 months. In May, the stablecoin on the protocol had a valuation of $130 million. Today, the actually locked USDT comes in at $1.02 billion.

Per the chart shared by CryptoQuant, the USDT supply on TON Network has flattened out from September to date. The explosion hinges on the growth in its Decentralized Finance (DeFi) ecosystem. Data from DeFiLlama shows that its Total Value Locked (TVL) is now pegged at $720 million.

This metric is bound to continue its upward trajectory with current plans between the protocol and Tether. As reported earlier, Tether confirmed it will launch Dirham-backed USDT on TON to drive liquidity in the Middle East. With this new fiat integration on TON, the liquidity will grow ultimately to trigger a potential uptick for USDT circulating on it.

The Telegram Ecosystem Mini Game Impact

Part of the success of the TON Network over the past year revolves around the Telegram mini-apps.

From Notcoin (NOT) to Catizen (CATI) and Hamster Kombat (HMSTR), the hype around this project drove massive capital onchain. While most of these projects are considered huge successes, a few, like Hamster Kombat dissapointed the community with its airdrop.

Many considered the T2E era is fading off, however, these games evolution might help solidify the growth on TON in the long term. In all these, Toncoin remains the biggest gainer, soaring to the top 10 list of most capitalized coins earlier this year.

As of writing, the coin was changing hands for $4.88, down by a mild 0.16% in 24 hours. Despite this correction, an earlier Toncoin price analysis predicts the possibility of topping $20 this bull cycle.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Price analysis

Toncoin Price Eyes $6 Comeback as Stablecoin Supply on TON Surges 13x

Published

2 months ago

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October 10, 2024

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During Wednesday’s U.S. trading session, the crypto market showed a bearish outlook as Bitcoin headed close to a $60k breakdown. Along with most major cryptocurrencies, Toncoin price also faced downward pressure, recording a 1.5% intraday loss and nearing a $5 support break. Will the bearish momentum stabilize for a potential reversal as the TON blockchain witnesses a renewed growth in stablecoin supply?

Toncoin Price Targets $6 Recovery as Stablecoin Supply on TON Blockchain Jumps 13x

After the arrest and legal drama around Pavel Durov, the founder of Telegram, the TON network is showing signs of resilience.

According to crypto enthusiast Nick Garcia, sourced from Messari, the stablecoin supply on TON Blockchain has surged by 25% since the arrest, with an overall increase of 13x since April. The increase accentuates a renewed interest and growth in the TON ecosystem despite the turbulence surrounding Durov’s arrest. 

The rising, stablecoin supply often boosts liquidity and network usage, potentially boosting demand for Toncoin as a utility token for transaction fees and staking, thereby supporting a price increase.

According to DefiLlama, TON’s total value locked (TVL) has experienced a notable increase, rising from $317.2 million to $402 million over the past month, reflecting a 26% growth. The increasing TVL hints that more inverters are locking their assets into the TON network and participating in decentralized finance (DeFi) protocols.

Moreover, Nick Garcia offers a cautionary outlook for investors and users by comparing this scenario with FTX, which faced a major collapse.

TON Price To Plunge 8% Amid Downsloping Resistance

Amid the ongoing war between Iran-Israel, the Toncoin price showcased a sharp reversal from $6.06 to $5.06, registering 17%. This bearish turnaround in the daily chart marks another reversal from the resistance downsloping trendline, signaling the sellers continue to defend high ground.

The dynamic resistance that has been intact since July 2024 could renew the selling pressure and drive the asset for prolonged correction. If selling pressure persists, the TON price could potentially drop to $4.5, with further downside risks leading to a decline toward $3.3.

Toncoin PriceToncoin Price
TON/USDT -1d Chart

On the contrary, a bullish breakout from the overhead trendline will signal the recovery trend gaining momentum and drive a rally past $6 swing high to target $7.2 resistance.

Frequently Asked Questions (FAQs)

Toncoin is showing signs of resilience as the stablecoin supply on the TON Blockchain has surged by 13x since April, boosting liquidity and network activity. However, with recent bearish pressure and the ongoing legal drama surrounding Pavel Durov, investors should watch for a bullish breakout from the downsloping trendline to confirm a sustained recovery

If the bearish trend continues, Toncoin could drop by 8.8%, reaching the $4.5 support level

Toncoin is undergoing a correction driven by a downsloping trendline that has been in place since July 2024

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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