Toncoin sentiment shifts to bullish: Is TON’s rebound ahead?

  • TON has declined by 14.64% over the past month.
  • Market fundamentals indicated a shift in market sentiment, from bearish to bullish.

Over the past month, the crypto market has experienced a strong upswing, with Bitcoin [BTC] surging to a local high of $69k.

However, over the past week, the market has cooled down, with most cryptocurrencies going negative. Thus, the recent losses have started to outweigh monthly gains.

One of the most hit altcoins was Toncoin [TON]. Since hitting a monthly high of $5.8, TON has experienced a significant decline.

In fact, as of this writing, Toncoin was trading at $4.95. This marked a 2.42% decline over the past day.

Equally, the altcoin has dipped by 14.64% on monthly basis, with an extension to this bearish trend by 6.06% on weekly charts.

Notably, the prevailing market conditions have left the crypto community deliberating over the altcoin’s trajectory.

One of them is the popular crypto analyst Ali Martinez, who suggested that TON’s current conditions signaled a buying opportunity.

TON shows a buy signal

In his analysis, Martinez posited that TD sequential showed a buy signal on Toncoin’s 12-hour charts. This suggested a potential price rebound in the near future.

Source: X

What this means is that selling pressure is a warning, and the bears are losing momentum. When sellers lose momentum, buyers can enter the market at lower prices, thus creating buying pressure.

The appearance of the buy signal has resulted in increased trading activities over the past day. Thus, TON’s trading volume has surged by 126% to $313.1 million. Thus, most traders were entering the market at lower prices.

If the market follows through, the prices will rebound and see further gains on price charts.

Gains ahead?

Although TON has experienced a sustained decline, the current conditions suggested that the bears were, and the altcoin could see some gains ahead.

Source: IntoTheBlock

For example, Toncoin’s large holder’s Netflow Ratio has declined from a monthly high of 289% to 70%. This showed a shift in sentiment, with large holders accumulating their assets as they anticipated more gains.

Such a decline suggested market confidence.

Source: IntoTheBlock

Additionally, Toncoin’s total outflows on Aggregated Exchanges increased from a low of 1.86 million tokens to 7 million.

This showed that most investors were withdrawing their Ton from exchanges to store in cold wallets. So, investors seemed confident in the altcoin’s future prospects.


Read Toncoin’s [TON] Price Prediction 2024–2025


Simply put, TON was experiencing a shift in market sentiment from bearish to bullish at press time. If this sentiment holds, Ton will reclaim a higher level.

Thus, the altcoin could attempt a $5.4 resistance level in the near term. A breakout from this level will see Ton reach $5.8. However, if bulls fail to take over the market, a further decline will see TON drop to $4.02.

Next: TRON’s large transactions hit 2-month high – More gains for TRX?

Source: https://ambcrypto.com/toncoin-sentiment-shifts-to-bullish-is-tons-rebound-ahead/