As a seasoned analyst with over two decades of market observation under my belt, I must say that the current state of Toncoin (TON) is indeed intriguing. The recent surge in bearish sentiment and increased selling pressure has been a recurring pattern in the crypto market, and TON seems to be no exception.
Toncoin price could be on the verge of crashing 50% as concerns mount over the increasing bearish sentiment around the asset. The most notable observation is from an analyst who predicts that the TON price could be headed for a crash because the bearish volume has increased.
Despite a pessimistic forecast, the Toncoin price has risen by 1.2% over the past day and is currently valued at $5. This price hike might be due to Bitcoin‘s latest surge, crossing the $68,000 mark. However, there’s speculation whether Toncoin will plummet by 50% as the broader crypto market recovers.
Spike in Selling Pressure Confirms Toncoin Price Crash
According to seasoned crypto analyst Alana Santana, the price of TON is expected to drop by half. Santana, who’s been following its trends closely, states that the chart shows a clear downward trend and a negative outlook. She further points out that the volume of Toncoin on its TON/USDT pair has significantly increased, reaching a three-week high, which is often indicative of bearish sentiments in the market.
As a long-term crypto investor, I’d advocate a strategy of cutting losses when necessary. If I sense a potential significant price drop in TON, I wouldn’t hesitate to sell a substantial portion of my holdings, even though I believe in its long-term potential. However, I plan to buy back at lower prices once the market stabilizes. Based on my analysis, I foresee the TON price potentially dropping by up to 50%, down to around $2. I urge fellow investors to consider selling before this potential drop occurs.
Currently, insights from IntoTheBlock seem to indicate that Toncoin isn’t thriving. For example, merely 3% of Toncoin holders have owned it for a year, pointing towards a very low level of faith among investors in this project. This could be due to the fact that just 12% of investors are currently making a profit, with another 5% breaking even. A staggering 83%, however, are currently losing money on their investment. If Toncoin’s price continues to decline, this percentage is likely to rise further.
Toncoin’s modest gains, despite a broader crypto market surge of 0.5% to a total value of $2.431 trillion, can primarily be explained by the asset’s strong connection with Bitcoin, which is only 21%. Since this correlation is low, it suggests that the Toncoin price may not grow as quickly as Bitcoin does. Furthermore, it’s concerning that 91% of the Ton blockchain’s tokens are controlled by a few large holders, which might negatively impact the price.
TON Price Analysis: Will Toncoin Crash 50%?
It’s plausible that the price of TON may fall as low as $2. Yet, some crucial resistance points might prevent this drop and instead cause the price to rebound and potentially rise further.
1 option: The current price is at $4.43 and it aligns with the 61.8% Fibonacci retracement level. If it falls, there will be additional support near the 20-day exponential moving average ($3.89). Should it drop below that point, Toncoin’s price could fall to $2.6 – a decrease of 50% from its current value.
Conversely, if the bulls take control and drive the price up from its current level, TON may encounter resistance within the $5.42 to $5.92 zone as this area aligns with both the 21 and 50 Exponential Moving Averages (EMA). Going beyond that point could propel the price back toward its all-time high and potentially reach $12.24.
Is There A Bullish Scenario For Toncoin?
At present, the general attitude toward TON in the market is heavily negative (bearish). Most traders and a significant number of investors feel neutral to bearish about it, expressing worries that their investment could plummet deeper if Toncoin’s price continues to drop. Yet, there exists a strong support level between $4.43 and $5, suggesting that it may help prevent further declines in TON’s value.
Furthermore, according to the 7-day liquidation map data from Coinglass, the positions with the highest leverage among long traders are found between approximately $4.67 and $4.85. This area currently serves as a potential immediate support level.
In addition, the 0.618 Fibonacci retracement level is often recognized as a robust support point where prices tend to start a bullish turnaround.
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2024-10-28 14:42