- Whale accumulation in Toncoin signals a positive outlook despite a potential short-term decline.
- Technical indicators and recent market movements suggest a weakening in buying pressure for TON.
Whale activity on Toncoin (TON) has increased dramatically within the last several weeks, claims Joao Wedson, an analyst at CryptoQuant.
Activity has increased, especially in wallet addresses that have between 100,000 and 1 million TON tokens. According to Wedson, such actions by big players frequently reveal the asset’s potential and perceived value; their increasing accumulation suggests a hopeful future and confidence in TON’s steady expansion and stability.
Whale Accumulation and Price Indicators
Even with this rise in whale accumulation, the price trend for TON points to a possible short-term fall. CoinMarketCap data show that Toncoin was trading at $6.41, down 1.60% in the previous day but still in a favorable position after rising 3.72% over the previous week.
Despite the recent price increase, the declines in the Money Flow Index (MFI) and Relative Strength Index (RSI) of crypto have resulted in a negative divergence. Right now, TON has an MFI of 23.39 and an RSI of 52.57.
These indicators suggest that even if the price of TON has increased in the last several weeks, the underlying buying pressure might be waning. The divergence points to a possible decline by implying that the upward trend may be almost at its conclusion.
Confirmation of Downtrend
The Parabolic SAR signal dots of TON are above its price, which supports the potential of a downturn even more.
When its dotted lines are above the price of an item, this indicator—which detects possible trend direction and price reversals—signals a market in decline. With this arrangement, TON may see a price drop and little buying pressure.
Furthermore, TON is in a bearish configuration as its MACD line (blue) is now below its signal line (orange).
This indicates that the TON’s upward momentum has diminished because the MACD line, or shorter-term moving average, is currently declining more quickly than the longer-term moving average.
Meanwhile, although Binance has not made an official announcement, ETHNews has reported that surveillance robots have seen the exchange opening a new port for Toncoin (TON).