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Home»TRADING NEWS»Toncoin Tsunami: Billion Dollar Whale Activity Drives Price Movement – ​​What’s Next?
TRADING NEWS

Toncoin Tsunami: Billion Dollar Whale Activity Drives Price Movement – ​​What’s Next?

By Crypto FlexsMay 19, 20243 Mins Read
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Toncoin Tsunami: Billion Dollar Whale Activity Drives Price Movement – ​​What’s Next?
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Despite the recent surge in activity from large investors called “whales,” the price of Toncoin (TON) appears to be headed for a steeper trend. This comes as analysts have raised concerns about weakening technical indicators for the cryptocurrency and a possible breach of key support levels.

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Whales are all the rage, but can they save the day?

In a recent report, Joao Wedson, a cryptocurrency analyst at CryptoQuant, observed a significant surge in whale activity on the Toncoin network. In the past few weeks, transactions exceeding 100,000 tonnes (equivalent to approximately $645,000 at current prices) have exceeded $1 billion. This indicates that major holders have been actively moving large amounts of TON. However, the purpose of this move remains unclear.

While whales are certainly making a splash, Wedson said this doesn’t necessarily translate into smooth sailing compared to TON prices. He pointed out that although large transactions dominate network size (more than 50%), their impact on prices appears to be minimal. Conversely, smaller transactions account for the majority of overall activity, but represent a much smaller portion of overall volume.

technical indicator flashing red

The price of Toncoin is showing signs of weakness despite the influx of whale activity. Notably, TON recently fell below the 20-day exponential moving average (EMA), a technical indicator used to measure short-term trends. This means that the average price of TON has been trending downward over the past 20 days, indicating a shift towards selling pressure.

Toncoin is currently trading at $6.52. chart; TradingView

The impending crossover of the Moving Average Convergence Divergence (MACD) indicator also adds to the bearish sentiment. The MACD line is likely to fall below the signal line, which traditionally signals loss of upward momentum and a possible price decline.

These technical indicators are flashing red flags for TON. If the price breaks the lower line of the rising channel that has been acting as support, there is a clear possibility that it will fall to $5.70.

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Is this a buying opportunity or a sinking ship?

The current situation surrounding Toncoin presents a conundrum for investors. Significant whale activity suggests potential bullish interest, but technical indicators paint a bleak picture.

Key questions still remain. Are whales accumulating or distributing? If it is accumulating, it may be a buying opportunity before the price rebounds. But if they sell their holdings, it could be a sign that the ship is in trouble.

Featured image by Vikks/Shutterstock, chart by TradingView

Source: NewsBTC.com

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