TON Price Plummets 18%, Whales Buy $5M Worth, Rebound or Crash?

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As a seasoned crypto investor with battle-scars from numerous market cycles, I have learned to navigate the choppy waters of the digital asset world with cautious optimism and an open mind. The current TON price action has me intrigued, yet slightly apprehensive.

The current cost of TON is approximately $6.79, and there’s a possibility it might increase further, encountering challenges along the way. Analysis of on-chain data indicates that investors in Toncoin are buying more of the cryptocurrency even after the recent market downturn.

Read more: Solana Price Analysis: $210 Target Remains Strong Amid 8% Correction

TON Price Likely to Bounce

From February 23 to June 15, the value of TON skyrocketed by an impressive 301%, reaching an all-time high (ATH) of $8.28. However, since then, the trend for Toncoin has shown a series of decreasing peaks, indicating a weakening in bullish energy. Over the past two weeks, the altcoin has broken through its support at $7.01 and $7.25, shifting from a supportive to a resistant area, and establishing a lower low on the daily chart. These recent occurrences point towards the possibility of an impending downtrend for Toncoin investors.

Moving ahead, investors might observe a modest increase from the present $6,79 level towards the mentioned resistance area. This rise might cause TON‘s price to surge by approximately 5% to 8%. If this recently reversed barrier rejects further advancement, it could serve as an opportunity for shorting Toncoin.

As a crypto investor, I’ve noticed that the Relative Strength Index (RSI) has crossed over its midpoint at 50, which is typically a signal confirming a bearish trend. However, this could also trigger an upcoming rebound. If so, the RSI might test the support level around 50 again, where it’s likely to encounter resistance and potentially reverse direction.

Under varying market scenarios and if selling intensity persists, the value of TON might drop by 13% to 17%, potentially revisiting a significant support area ranging from $5.90 to $6.23. Should potential buyers choose not to step in and buy TON at these rates, there’s a possibility that this support zone may weaken, leading to a further decline in Toncoin’s price to around $5.17 – the midpoint of the projected 300% growth observed during the initial half of 2024.

TON Price Plummets 18%, Whales Buy $5M Worth, Rebound or Crash?

Based on Santiment’s data, entities owning between 10,000 to 100,000 and 100,000 to 1,000,000 TON have amassed approximately 670,000 tokens since June 15. This trend is generally seen as positive and aligns with the short-term bullish projections derived from a technical perspective, suggesting that the TON price could potentially increase by 5% to 8%. Nevertheless, it’s important for investors to remember that this information alone should not be relied upon exclusively as an indicator.

TON Price Plummets 18%, Whales Buy $5M Worth, Rebound or Crash?

Examining further reveals approximately 5.3 million TON coins are kept on centralized trading platforms, which might act as a significant selling force during turbulent market periods. In such situations, investors may choose to sell their tokens to minimize substantial losses, thereby keeping the Toncoin’s long-term price perspective bearish.

TON Price Plummets 18%, Whales Buy $5M Worth, Rebound or Crash?

In summary, the future trend for TON‘s price is expected to be downward, so investors should keep potential risks in mind. Yet, if Toncoin supporters manage to break through the resistance at around $7.01 and $7.25 and make it a new support level instead, this could challenge the current bearish viewpoint.

As a researcher, I am suggesting that the price of TON may experience an approximately 13% increase, potentially reaching or even surpassing its all-time high (ATH) of around $7.258, which was previously at $8.28 and $7.01. This prediction is based on the current market trends and analysis I have conducted.

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2024-08-01 16:26