- Toncoin shows bullish potential, targeting a 40% surge if market sentiment improves.
- A significant concentration of whale ownership raises concerns about price manipulation risks.
- Current trading volume declines, indicating lower participation from traders and investors.
Toncoin (TON) is showing huge growth potential as the crypto market faces a significant price correction. Recent price movements hint at an upcoming rally, depending on market sentiment. Meanwhile, TON is printing bullish signals as price approaches the bullish trendline, backed by a strong bullish fair value gap, as the post below highlights.
Technical Analysis Signals Upside Potential
Toncoin is holding firm at the $4.9 key support level. Historical data shows that this price point attracts strong buying pressure. Traders expect a similar response, which could ignite a price rally.
Moreover, the price action has moved into a narrow range within a descending pattern, indicating an impending breakout. If market sentiment shifts, the price might breach the declining trendline. A daily close above $5.6 would set the stage for a strong rally, potentially reaching $8.15, representing a 40% surge.
At press time, Toncoin trades below the 200 Exponential Moving Average (EMA). While this position often signals caution, the support level suggests resilience. As of now, Toncoin hovers around $4.91, unchanged over the last 24 hours. A 20% drop in trading volume shows decreasing participation from traders and investors.
Whales: A Double-Edged Sword
Despite TON’s bullish outlook, ownership concentration among whales raises concerns. Insights from IntoTheBlock reveal that 87 whales control a staggering 91.52% of the total circulating supply. In contrast, retail investors hold only 8.48%. Such an imbalance increases fears of price manipulation and potential scams.
Currently, only 10.71% of TON holders enjoy profitable positions, while a troubling 82.90% sit underwater. A mere 6.4% remain in the money, indicating a bearish sentiment. With lower profitability, risks could escalate. When prices rise, profit-taking might lead to a quick price dump.
As Toncoin eyes a potential surge, the dynamic between whales and the broader market will shape future movements. Retail investors should stay alert and assess risks while considering possible gains. The next few days could prove pivotal for Toncoin’s price action, making this an exciting time for traders and investors alike.
The post Toncoin Eyes a 40% Surge: Can Whales Influence TON’s Price Jump? appeared first on Crypto News Land.
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