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Home»Altcoins»Toncoin’s 13% Drop: What Happened and Can TON Bounce Back?
Altcoins

Toncoin’s 13% Drop: What Happened and Can TON Bounce Back?

2024-09-08No Comments3 Mins Read
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  • Toncoin price fell 13% over the past seven days, with a growing liquidation pool at $4.51.
  • Whaling activity rose 8.8%, while net currency flows fell 779%.

Tonmint [TON] witnessed a significant dip in the last 24 hours, with the price falling 3.37% to around $4.69 at the time of writing.

Over the past week, Toncoin saw a more substantial decline of 13%, reflecting broader bearish trends.

What the price charts show…

Toncoin fell from a critical resistance level around $4.88 at the time of writing. Historically, this level has proven critical to preventing deeper declines.

But now that the bullish momentum has ebbed recently and there is a rejection of the key level around $4.88, sentiment is turning bearish.

If the resistance level holds at $4.88, we can expect a potential further decline to tap the liquidation pool at $4.51. Further bearish pressure could trigger a deeper correction towards the $3.66 support level.

A break below this key support would signal a bearish continuation.

Source: TradingView

Whale activity is increasing

According to data from IntoTheBlock, there has been a notable increase in whale activity.

Toncoin’s large transactions are up 8.8% in the last 24 hours. This increased whale activity could signal institutional interest or significant sell-off, potentially impacting TON’s short-term volatility.

Source: IntoTheBlock

Conversely, net alternating currents showed a dramatic reduction of 779%.

This reduction indicates significant outflows of Toncoin from the exchanges, which generally signals more bullish sentiment as investors may move coins to cold storage in anticipation of a potential price recovery.

Source: IntoTheBlock

Toncoin’s liquidation pool grows to $4.51

The liquidation heatmap reveals a growing liquidation pool at the $4.51 price level, with approximately 322,000 toncoin currently at risk.

See also  NFT Trading Volume On Track To Drop Below $1 Billion But Does It Matter?

This indicates a potential influx of sell orders if Toncoin falls closer to this price, potentially leading to greater downward pressure.

TonmintTonmint

Source: Coinglass

The stochastic RSI is currently pointing to a possible bullish reversal, with the indicator moving into oversold territory.

While a crossover has not yet been fully realized, market participants should be on the lookout for a possible bullish signal, which could create near-term buying momentum.


Is your portfolio green? View the TON Profit Calculator


Recovery or further decline for Toncoin?

If Toncoin manages to stay above key support, the coming quarters could see a gradual recovery.if whaling activity continues and liquidation risks are mitigated.

However, further bearish sentiment could emerge if support does not hold, leading to extended price declines to test the lower support.

Next: What XRP’s Rising Exchange Tells You About Future Prices

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Bounce Drop Happened TON Toncoins
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