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In the ever-dynamic world of cryptocurrency, Toncoin (TON) is making waves with a notable 4% increase in just the last 24 hours. Trading at $5.31, TON has climbed to become the ninth-largest cryptocurrency by market capitalization, boasting over $13 million. Despite this promising uptick, Toncoin finds itself at a critical juncture: it’s testing a significant resistance level that could dictate its near-term trajectory.
Resistance Test And Potential Breakout
According to AMBCrypto’s latest analysis, Toncoin is on the verge of testing a crucial resistance level. If TON successfully breaks through this barrier, the token could experience a substantial surge, potentially reaching $6.8. A successful jump above this threshold could see Toncoin aim for the $7.9 mark. However, failure to surpass this resistance might lead to a price decline, making the current technical analysis particularly pivotal.
Market Sentiment and On-Chain Data
The recent price increase has not been mirrored uniformly across Toncoin’s network. Data from CoinMarketCap shows that only 26% of TON addresses, or approximately 15.4 million, are currently in profit. This suggests that while some investors are seeing gains, many are still at a loss, highlighting the mixed sentiment surrounding the token.
On-chain data, however, paints a more optimistic picture. Santiment’s metrics indicate a significant drop in Toncoin’s supply on exchanges, coupled with a rise in its supply held outside exchanges. This shift suggests increased buying pressure, as investors appear to be accumulating TON. Despite this, a counter-trend is observed with whale activity. Hyblock Capital reports a decrease in the supply held by top addresses, indicating reduced whale involvement, which may signal a bearish sentiment among larger market players.
Technical Indicators Signal Mixed Outlook
Technical analysis offers additional insights into Toncoin’s potential price movement. The MACD indicator has recently shown a bullish crossover, and the Chaikin Money Flow (CMF) has registered an uptick. These indicators generally suggest a positive outlook for Toncoin. The Money Flow Index (MFI) also points towards a potential price rise, which could see Toncoin touch $5.7 in the near term. However, this increase might be followed by a correction as liquidation pressures rise.
Also Read: Toncoin’s (TON) September Surge – 1.1M Active Users, Major Airdrops & $500M DOGS Launch
Conversely, if the bearish trend takes hold, Toncoin could see its price drop to $3.7, presenting a challenging scenario for investors.
Toncoin’s current resistance test is a pivotal moment for the token. While on-chain and technical indicators suggest a possible bullish breakout, mixed signals from market sentiment and whale activity present a complex picture. As Toncoin navigates this critical phase, investors should closely monitor resistance levels and market data to gauge the token’s future direction. Whether Toncoin will break through its resistance or face a downturn remains to be seen, but the coming days will be crucial in shaping its path forward.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Crypto and blockchain enthusiast.
