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Cryptocurrency News Articles
Toncoin (TON) Price Prediction: TON Experience a Strong Downtrend and Bearish Sentiment Continues to Dominate
Oct 11, 2024 at 12:00 am
While Bitcoin [BTC] and most altcoins have made moderate gains on monthly chats, Toncoin [TON] has followed a different path. As such, TON has experienced a sharp decline over the past month.
Toncoin (TON) has experienced a difficult time in the past month, with a sharp decline in its value. As of this writing, TON was trading at $5.11, indicating a 2.19% decrease over the past day.
According to cryptoSlate data, TON has declined by 1.91% on monthly charts, with an extension to the bearish trend by 3.75% over the past week.
This has prompted analysts to analyze TON’s future trajectory, with one of them being the popular crypto analyst Dark Knight.
According to Dark Knight, TON is experiencing a range round between $5.1 and $5.9. Despite the recent gains by BTC that usually inspire altcoins to surge, TON has failed to do so.
As a result, the altcoin has failed to break above-significant resistance levels. However, the analyst suggests that TON’s long-term prospects are promising due to the increased adoption of the Toncoin blockchain.
According to this analysis, TON faces a short-term bearish trend, and if the price dips below the key support, it will decline further to the next critical support at $4.4.
For the altcoin to experience any bullish outlook, a strong bounce is needed.
However, it is also crucial to examine what other fundamentals reveal about TON.
For starters, Toncoin’s exchange on supply has increased over the past week. Usually, a rise in supply on exchange implies investors are sending their assets into exchanges where they can easily sell.
This signals that investors expect Toncoin prices to decline and are looking to take profit.
Additionally, Toncoin’s supply outside of exchange has been declining over the past month from a high of $10.11 million to $9.9 million. This indicates investors are moving away from long-term holding and are looking to liquidate their positions.
Finally, Toncoin’s Large holder’s inflow has declined from a high of 291.45k to 61.54k. This suggests that large holders are reducing their funds inflow.
When large holders reduce their funds flow, it implies they lack confidence in the prospects of the altcoin.
Overall, TON is experiencing a strong downtrend and bearish sentiment continues to dominate. If the current market conditions hold, Toncoin will find its next support around $4.60.
However, a market correction with a strong bounce would push TON up towards $5.84.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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