Toncoin (TON): Whales Accumulate Despite Potential Short-Term Dip

Toncoin (TON) is experiencing a surge in whale activity, suggesting investor confidence in its potential. However, technical indicators hint at a possible short-term price decline. Let’s delve deeper into these contrasting factors.

Whales Accumulate TON

A recent report by CryptoQuant analyst Joao Wedson highlights a significant increase in wallet addresses holding substantial amounts of TON (between 100,000 and 1 million tokens). This “whale accumulation” is often seen as a bullish signal, indicating major players believe in TON’s long-term growth and stability.

TON/USD Technical Indicators Signal Short-Term Weakness

Despite the whale activity, TON’s price chart suggests a potential short-term decline. The Relative Strength Index (RSI) and Money Flow Index (MFI) are falling, creating a “bearish divergence” with the price.

These indicators suggest weakening buying pressure, even as the price has risen in recent weeks. The Parabolic SAR indicator’s dots being above the price and the MACD line falling below its signal line further reinforce the possibility of a downtrend.

Toncoin Market Cap Update Affects Ranking

Toncoin’s market capitalization recently dropped significantly after The Open Network adjusted its circulating supply data to align with industry standards. This change excluded TON held by Telegram, the TON Foundation, and the TON Believers Fund, causing TON to fall out of the top 10 cryptocurrencies by market cap (according to CoinGecko).

ABOUT THE AUTHOR See More

Arslan Ali Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Ali Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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