Toncoin sentiment turns bullish

-

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.

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%.

toncoin
IntoTheBlock

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.

IntoTheBlock

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.

Have you read it yet? Ethereum’s market share takes a hit again

LATEST POSTS

Russian Bitcoin mining sector is getting a legal update

Russia’s getting serious about its Bitcoin mining sector, and it ain’t just for show. The big wigs over at the Ministry of Energy, Digital Development,...

53 crypto firms are already MiCA-compliant, but Tether and Binance left out in the cold

The European Union’s rolling out its big, shiny Markets in Crypto-Assets regulation. Six months in, and 53 crypto companies just got the golden ticket to...

Pump.fun’s token sale hits the brakes

Pump.fun just slammed the brakes on its massive $4 billion token sale. They planned to drop 150 billion PUMP tokens into the wild, priced at...

SEC’s new crypto ETF rules are here, is the approval bottleneck finally loosening?

The US SEC just rolled out fresh disclosure guidelines for crypto ETFs. It’s a 12-page blueprint that could shake up how the SEC handles those...

Most Popular

Guest posts