Toncoin (TON) Price Analysis: Bearish Sentiment Prevails Among Short Traders
Continued Bearish Outlook Despite Price Gains
Despite seeing double-digit price gains over the past week, Toncoin (TON) continues to face a bearish outlook as short traders maintain their positions. At the current trading price of $6.27, TON has experienced a nearly 20% increase in value in the last seven days. However, the negative funding rates on cryptocurrency exchanges reflect the ongoing demand for short positions in the futures market.
Bearish Market Sentiment Indicates Short Position Dominance
With TON’s funding rate at -0.028% and persistently negative since June 13, it is evident that a significant number of traders are holding short positions on the cryptocurrency. This negative funding ratio signals a bearish market sentiment, with traders expecting the asset price to continue falling. The decline in TON whale holdings further supports this pessimistic outlook, as large holders have reduced their net inflows by over 250% in the past month.
Predicted Price Movement and Potential for Short Traders
As the spot market maintains a bearish trend, short bets on TON price are poised to yield positive results. The Ichimoku Cloud indicator shows that TON’s price is currently below the market, indicating a downtrend. If this bearish outlook persists, TON’s price could drop to $5.57, providing an opportunity for short traders to profit.
However, a surge in demand for TON could push the price up to $6.51, leading to the liquidation of some short positions. This potential price movement highlights the volatility and uncertainty in the cryptocurrency market, offering both risks and opportunities for traders.
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