- Market sentiment towards the token has improved over the past few days.
- Whales showed confidence as their TON accumulation increased.
The cryptocurrency market has recently experienced a major downturn, with most cryptocurrencies seeing their prices plummet. However, Toncoin (TON) It seemed to perform better than the rest when I painted the daily charts green.
But will this trend continue? Let’s find out.
Toncoin has turned green again.
CoinMarketCap’s data The Toncoin price has dropped by more than 5% over the past 7 days. However, things have improved over the past 24 hours as the token appears to be recovering.
At the time of writing, TON was trading at $5.39 with a market cap of over $13.6 billion, making it the 9th largest cryptocurrency.
Due to the volatile price movements, most TON investors have suffered losses. According to AMBCrypto’s analysis of data from IntoTheBlock, only over 6 million TON addresses have made a profit, which is only 12% of the total number of TON addresses.
Source: IntoTheBlock
The price increase over the last 24 hours has had a positive impact on the token’s sentiment. Looking at Santiment’s data, we see that TON’s weighted sentiment has improved dramatically.
This indicates that there is growing bullish sentiment in the market.
However, social volume remains low, reflecting a decline in popularity.
Source: Santiment
Will TON Continue to Rise?
AMBCrypto has looked at different data sets to determine the probability that TON will remain bullish in the coming days. According to the analysis, the selling pressure on the token is increasing, which could lead to a price drop.
This was evident in the increase in supply on exchanges and the decrease in supply off exchanges. The fact that investors were selling TON was further supported by the surge in exchange inflows.
Source: Santiment
In addition, TON’s long/short ratio also declined. CoinglassThis suggests that there are more short positions than long positions in the market.
Nonetheless, big-capital players in the cryptocurrency space have gained confidence in TON as the supply held by top addresses has increased.
Additionally, our analysis of Hyblock Capital’s data shows that Toncoin’s whale vs retail delta has a value of 99.49. A value close to 100 is bullish as it indicates that whales are more exposed to the market.
Source: Hyblock Capital
Is your portfolio green? Check this out: TON Profit Calculator
As whales gain confidence in TON, AMBCrypto checked the daily chart of the token. The technical indicator MACD showed a bearish advantage in the market. The relative strength index (RSI) moved sideways, suggesting a price decline.
Nonetheless, Chaykin Money Flow (CMF) supported the bulls by posting an upward trend.
Source: TradingView