- Toncoin shows bullish potential, with a target of a 40% increase if market sentiment improves.
- The high concentration of whale ownership has raised concerns about the risk of price manipulation.
- The current decline in trading volume indicates a decrease in the participation of traders and investors.
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Amidst major price adjustments in the crypto market, Toncoin (TON) is showing immense growth potential. Recent price movements suggest an impending rebound, depending on market sentiment. As the price approaches the bullish trend line, TON is sending bullish signals and is supported by a strong bullish fair value gap.
Technical analysis shows upside potential
Toncoin is holding the key support level of $4.9. Historical data shows that this price point has attracted strong buying pressure. Traders expect a similar reaction, which could trigger a price increase.
Additionally, the price action has entered a narrow range of a descending mode, indicating an impending breakout. If market sentiment changes, the price could break through the descending trend line. A daily close above $5.6 would lay the foundation for a strong rebound, potentially reaching $8.15, a 40% increase.
As of the time of writing, Toncoin's trading price is below the 200 Exponential Moving Average (EMA). While this position usually indicates caution, the support levels suggest the price has resilience. Currently, Toncoin is hovering around $4.91, unchanged in the past 24 hours. A 20% decline in trading volume indicates a decrease in the participation of traders and investors.
Whales: A double-edged sword
Although the outlook for TON is positive, the high concentration of whale ownership has raised concerns. IntoTheBlock's insights show that 87 whales control 91.52% of the total circulating supply. In contrast, retail investors hold only 8.48%. This imbalance has exacerbated concerns about price manipulation and potential scams.
Currently, only 10.71% of TON holders have profitable positions, while a concerning 82.90% are in a loss. Only 6.4% of holders remain in profit, indicating a bearish market sentiment. Declining profitability could escalate risks. When the price rises, profit-taking could lead to a rapid price decline.
As Toncoin is poised for a significant upswing, the dynamics between whales and the broader market will influence future trends. Retail investors should remain vigilant, evaluating risks while considering potential gains. The coming days could be pivotal for Toncoin's price trajectory, an exciting time for both traders and investors.
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