As an experienced analyst, I find the current market conditions for Toncoin quite intriguing. The recent surge in Bitcoin’s price and the subsequent rebound have created a positive ripple effect across the cryptocurrency market, including Toncoin. The bullish trendline in Toncoin’s daily chart, coupled with the significant increase in large transactions or whale activity, suggests a strong underlying demand for this altcoin.
The cryptocurrency market kicked off June with a bullish trend as Bitcoin bounced back from its $67,000 slump to reach $70,000. This surge indicated that Bitcoin had broken free from two weeks of consolidation and was continuing its upward momentum. The renewed demand has boosted most major cryptocurrencies, including Toncoin. As a result, Ton’s price has risen by 2.6% and is now gearing up to challenge its all-time high resistance at $7.5.
Market Sentiment Boosts Toncoin as Whale Activity Jumps 237.5%
The upward trajectory of Toncoin’s mid-term trend remains strong, as shown by the rising trendline on its daily chart. This supportive trend, which has been in place since late March, has contributed to the development of a new lower high – a clear indication of an ongoing recovery trend.
As a crypto investor, I’ve noticed that despite the wider market consolidation, TON‘s price has been having a tough time breaking above the $7.5 resistance level. This horizontal barrier and the previously mentioned support are the primary factors influencing TON’s current price action.
In light of the positive market atmosphere, the price of Toncoin has surged by 11.5% over the past three days and is now being traded at a value of $7.
Additionally, there’s been a significant rise of approximately 237.5% in the count of substantial Toncoin (TON) transactions worth over $100,000 during the last 24 hours. This notable trend, brought to attention by well-known trader Alicharts, suggests an uptick in whale involvement within the Toncoin ecosystem.
As a crypto investor, I’ve noticed an impressive surge of over 237.5% in the number of large Toncoin transactions valued above $100,000 within the last 24 hours.
As an analyst, I would interpret the marked uptick in large-scale $TON transactions as a sign of strategic adjustments in the investment portfolios and trading strategies of these influential players.
— Ali (@ali_charts) June 3, 2024
According to IntoTheBlock’s data, there were 27 significant transactions recorded within the past day, representing a substantial surge from the recent low of only 5 transactions on May 27, 2024. This notable rise implies that major investors could be implementing strategic maneuvers, potentially signaling changes in their investment portfolios and tactics.
If the bullish trend gains momentum, the TON price may increase by around 7.2% and attempt to surpass its current high of $7.5. With this cryptocurrency primed for price exploration, traditional pivot points suggest potential resistances at $9, which are subsequently followed by $10.6.
Technical Indicator
- Pivot Level: If the Toncoin loses the ascending support trendline, the price could find suitable support at $4.7.
- Moving Average Convergence Divergence: A bullish crossover between the MACD (Blue) and the Signal (orange) line above the neutral regions indicates the bullish sentiment restoring towards this asset.
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2024-06-04 22:54