TON
TON Price Plummets 18%, But Whales Buy $5M Tokens: Buy Now?
Published
3 months agoon
By
adminTON 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.
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.
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.
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
Toncoin Price Eyes $6 Comeback as Stablecoin Supply on TON Surges 13x
Published
1 week agoon
October 10, 2024By
adminDuring 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.
Following the turbulence surrounding Pavel, @ton_blockchain is showing signs of life.
Stablecoin supply is up 25% since the arrest, bringing the total increase to 13X since April.
If you squint, the situation has parallels to FTX. pic.twitter.com/NCtS0zqCgY
— Nick Garcia (@NickDGarcia) October 8, 2024
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.
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
Sahil Mahadik
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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Price analysis
Will Telegram’s New ‘Gift’ Feature Drive Toncoin Price for $8 Breakout?
Published
2 weeks agoon
October 6, 2024By
adminToncoin price struggled during the low-volatility weekend, posting a 3.2% decline over the last 24 hours. The bearish momentum heading for a $5 breakdown can be attributed to geopolitical tension in the Middle East or a looming death crossover between key EMAs. Will TON buyers manage to counter-attract amid the new ‘Gift’ feature launched on Telegram?
Can Telegram’s Gift Feature Trigger a Toncoin Price Breakout to $8
Telegram CEO Pavel Durov has announced an exciting new “Gift” feature for the platform, allowing users to give digital gifts to friends and loved ones. The received gift can be displayed in a profile or exchanged for ‘Stars’ Telegram’s virtual currency.
These stars can be used to support creators and purchasing services in mini apps.
Moreover, Some gifts will be available in limited supply, adding exclusivity to the items. Durov’s blog mentioned these limited-edition gifts would be available to convert into TON-based NFTs later this year. The users can auction and trade these tokenized gifts outside Telegram, with ownership secured on the blockchain.
In addition, Telegram introduced verification codes, improved its reporting interface, and redesigned video chats on iOS, indicating their effort to improve user experience.
These developments could significantly boost translation volume in the TON network and accelerate the recovery momentum in Toncoin price.
According to DefiLlama, the TON’s Total volume locked has surged from $317.2 Million to $404 Million in September, accounting for 30% growth. This increase signals the investors’ locking of their assets in TON’s decentralized Finance (DeFi) protocol as a sign of confidence in its robust network.
EMA Death Crossover Puts TON for 11% Downside Risk
Amid the escalating conflict between Israel and Iran, the Toncoin price witnessed a sharp reversal from $6.13 to $5.2— a 15% loss. This pullback records another bearish reversal from the multi-month resistance trendline, indicating the sentiment of sell-the-bounce is intact.
With a potential death crossover between the 50-and-200-day Exponential Moving Average (EMA) looming, the TON price could have plunged to $5 support. This potential breakdown could push the asset 11% down to test $4.6.
On the contrary, if the buyers flip the overhead trendline into potential support, the Toncoin price could drive a sustained recovery to $7.26, followed by an $8.2 high.
Frequently Asked Questions (FAQs)
Telegram’s newly launched “Gift” feature could play a pivotal role in Toncoin’s potential price breakout and drive a rally to $8.
Telegram’s new “Gift” feature allows users to send digital gifts that can be exchanged for ‘Stars,’ Telegram’s virtual currency.
Toncoin is at risk of a death crossover between the 50-day and 200-day Exponential Moving Averages (EMA), which could signal a prolonged bearish trend.
Sahil Mahadik
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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Price analysis
Toncoin Price Faces Potential 25% Drop; Will TON Hit the $4 Mark?
Published
2 weeks agoon
October 2, 2024By
adminToncoin (TON), a cryptocurrency developed within the Telegram ecosystem, has entered a bearish trend after weeks of bullish momentum. This drop comes as selling pressure mounts across the cryptocurrency market, affecting various digital assets.
Toncoin Price Plunges Amid Market Volatility
Toncoin price has recently climbed significantly. This increase aligns with rises across various cryptocurrencies in recent weeks. The main catalyst for this growth was the Hamster Kombat token giveaway on September 26.
In the first hour post-airdrop, the network witnessed over a million transactions. Despite the prevailing downtrend in the market, these developments injected vitality into Toncoin’s valuation. However, with the ongoing bearish trend, a retraction to foundational support levels could be imminent.
Today’s cryptocurrency market has ignited extensive debates among analysts worldwide. Bitcoin’s value dipped to the $61,000 mark. Similarly, Ethereum, Solana, and XRP experienced significant volatility. This erratic behavior in crypto prices has led to a mix of optimism and caution among investors.
Can TON Price Drop to $4 soon?
The Toncoin price has seen a significant decline today. At the time of writing, the TON price is trading at $5.39, which marks a 7.55% drop over the past 24 hours. The cryptocurrency reached a high of $5.84 earlier in the day. However, it also experienced a low of $5.25. This volatility reflects the ongoing fluctuations in the crypto market
The Layer 1 coin is experiencing significant bearish momentum, indicating a possible downward trend. Market sentiment appears to be weakening, which could further exacerbate this decline. Analysts suggest that if this trend continues, Toncoin may find crucial support around the $4 mark.
The daily technical indicator for Toncoin price suggests a nuanced scenario in the cryptocurrency market. The moving Average Convergence Divergence (MACD) shows a trend. The signal line is just below the MACD line, hinting at potential bullish momentum, albeit cautiously, as the bars remain in negative territory. The Relative Strength Index (RSI) at 43 points towards a neutral stance, neither overbought nor oversold.
The recent Coinglass data analysis for Toncoin indicates a significant increase in trading volume. However, open interest has decreased, suggesting a shift in trader commitment. Despite higher volumes, this reduction in open interest could lead to downward pressure on prices.
Such trends contribute to a bearish outlook, potentially driving the price as low. This dynamic often signals a market where fewer traders are willing to maintain their positions, leading to increased volatility and possibly lower prices in the short term.
Frequently Asked Questions (FAQs)
Selling pressure across the crypto market, reduced open interest, and bearish technical indicators have contributed to a potential price drop.
Yes, market volatility impacting major cryptocurrencies like Bitcoin, Ethereum, and Solana is influencing Toncoin’s bearish trend.
if the bearish momentum continues, Toncoin could drop to a critical support level around $4.
Coingape Staff
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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