Toncoin (TON) Analysis and Price Prediction for July 2024
Whales Bullish on Toncoin as Net Inflows Surge
Toncoin (TON), the cryptocurrency linked to the popular messaging app Telegram, has been consolidating in a range since June 15, with resistance at $8.16 and support at $6.16. Currently, the altcoin is trading at $7.39 as investors await a breakout.
Recent data from IntotheBlock reveals that net inflows of large Toncoin holders have spiked by over 31,000% in the past week. Large holders, defined as addresses holding more than 0.1% of the circulating supply, indicate bullish sentiment when they accumulate assets. On the contrary, declining net inflows suggest potential selling pressure.
Despite the optimism from whales, the derivative market for TON paints a different picture. Negative funding rates since June 15 indicate a bearish bias, with TON’s current funding rate at -0.02%.
Ton Forecast: Sellers in Control as DMI Signals Bearish Sentiment
Although altcoins are range-bound, the bearish sentiment prevails. The Directional Movement Index (DMI) confirms this view, with the negative directional indicator (-DI) dominating the positive directional indicator (+DI) at present.
Traders interpret this as sellers maintaining control, potentially leading to further price declines in the short term. If TON’s price falls, it could reach $6.93 from its current level of $7. Additionally, the coin price may rise to $8.32 if bullish momentum takes over.
Conclusion: Uncertainty Reigns as Whales and Derivatives Market Diverge
In conclusion, the Toncoin market is at a crossroads, with whales accumulating assets while derivatives point to continued downside pressure. As investors navigate these conflicting signals, caution is advised in trading TON in the current volatile environment.
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