After facing a tough month with a decline of 14.64%, there are signs that TON might be gearing up for a comeback. Finally!
Market trends
The crypto market has seen some ups and downs lately. Bitcoin hit a local high of $69,000, but the excitement didn’t last too long tbh.
Over the past week, many cryptocurrencies have taken a dip, and those losses are starting to overshadow any gains made earlier in the month.
Toncoin has been one of the hardest-hit alts. After reaching a monthly high of $5.80, it dropped big time.
Toncoin now is trading at $4.95, which is down 2.42% in just one day. On top of that, it has seen a decline of 6.06% over the past week.
With these market conditions, many in the crypto community are scratching their heads about where Toncoin is headed next. Is there a hope for some gains?
A buying opportunity, right in front of our eyes?
Enter popular crypto analyst Ali Martinez, who believes that now might be the perfect time to buy Toncoin.
The TD Sequential shows a buy signal on the #Toncoin $TON 12-hour chart, anticipating a price rebound! pic.twitter.com/lRWdb130dY
— Ali (@ali_charts) October 25, 2024
He pointed out that the TD Sequential indicator on Toncoin’s 12-hour charts is showing a buy signal, hinting at a potential price rebound soon. What does this mean?
Well, it suggests that while selling pressure has been strong, it’s starting to fade. When sellers lose their grip on the market, buyers can swoop in at lower prices and create some upside momentum. Simply put, number go up is likely coming.
This optimism has led to a surge in trading activity for Toncoin. In fact, its trading volume jumped by an impressive 126% to $313.1 million as traders look to capitalize on lower prices.
Signs of recovery
Current trends indicate that Toncoin could see some gains ahead. For example, the Netflow Ratio for large holders of Toncoin just dropped from a monthly high of 289% down to 70%.
This shift suggests that big investors are starting to accumulate more tokens, anticipating future price increases.
Total outflows from exchanges have increased, from just 1.86 million tokens to 7 million tokens. Another good sign.
This means that many investors are withdrawing their Toncoin from exchanges and moving it into cold storage, showing confidence in what’s to come.
In simple terms, it quite looks like sentiment around Toncoin is shifting from bearish to bullish.
If this positive vibe continues, we could see Toncoin trying to break through the $5.40 resistance level soon.
If it manages to do so, it might even reach back up to $5.80. But if the bulls can’t take charge, and there is always chance for the less lucky screenplay, we could see Toncoin drop down to $4.02.
