As an experienced financial analyst with a background in blockchain technology and cryptocurrency markets, I have closely monitored Toncoin’s recent price movements and on-chain activity. The surge in whale transactions, as indicated by the 376% increase in large transactions over the past day, is a strong sign of potential market recovery for Toncoin.
As a crypto investor, I’m optimistic about Toncoin’s recovery. The recent spike of 376% in whale transactions is an encouraging sign, indicating potential large-scale buying activity. This could lead to a significant market surge, mirroring the underlying on-chain growth.
Over the past 24 hours, there have been notable whale activities in Toncoin transactions. The latest figures reveal that approximately 359,000 TON were used in nine substantial transactions. The market buzzed with heightened activity as the seven-day peak of 32 transactions was hit on July 6, 2024, attracting significant attention from major investors.
On July 7, 2024, there were only three transactions recording a low point, which was later followed by a significant increase in activity. Additionally, there has been a substantial uptick in the volume of large transactions. The grand total for big transactions on the previous day amounted to 359,000 TON. Notably, on July 3, 2024, this figure peaked at an impressive 962,000 TON over the past week.
As an analyst, I’ve noticed a notable surge in whale purchases of Toncoin (TON), as evidenced by my price chart analysis. Currently, TON is trading at approximately $7.28, representing a 32% increase from its previous value. The market conditions have been favorable for these large investors to capitalize on. The price trend has exhibited volatility lately, reaching peaks of $7.38 and dips as low as $7.09.
The technical analysis indicates that $8.00 and higher are potential resistance levels for Toncoin. On the other hand, the support level is identified at $7.16. With Toncoin’s price consistently surpassing essential moving averages, the market trend appears favorable. Moreover, both the 50 Exponential Moving Average (EMA) and 200 EMA display an uptrend, implying potential for further growth.
The Relative Strength Index (RSI) remains optimistic, implying that the asset is not excessively bought up yet. Moreover, the increasing hoard of TON by whales signifies their strong belief in the asset’s future success.
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2024-07-09 17:53