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- Despite its recent price surge, the number of long-term investors in TON has decreased on the charts.
- If the rise continues, TON may reach $6.85 soon.
The cryptocurrency market has once again fallen victim to a correction, with most cryptocurrency price charts in the red at the time of publication. However, Tonquin [TON] Bitcoin had other plans, as it was among the few cryptocurrencies that managed to stay in an uptrend.
Hence, it is worth taking a look at what has helped TON and whether this rally will continue.
Tonquin takes the lead
Coin Market Cap Data It revealed that the top cryptocurrencies such as Bitcoin [BTC] and Ethereum [ETH] Cryptocurrency prices have been struggling to rise. Meanwhile, TON has been doing differently as its price has risen by more than 6% in the past 24 hours.
At the time of writing, Toncoin is trading at $6.70 with a market cap of over $16.8 billion, making it the eighth largest cryptocurrency.
MB Crypto Reported Earlier, Binance, one of the largest exchanges in the world, listed TON. This major development played a major role in turning TON into a bull market. However, the recent surge did not lead many addresses to profit as IntoTheBlock data revealed that only 35% of investors were “in a financial state.”
It is worth noting that investors who have held TON for more than a year have also declined, indicating that they were selling the coin for profit.
Source: IntoTheBlock
AMBCrypto then analyzed Santiment data to better understand investor behavior.
We have found that buying pressure on the token has increased over the past few days. This has been reflected in a decrease in its supply on exchanges and an increase in its supply outside of exchanges.
Additionally, TON trading flows have also increased, indicating increased buying pressure. However, after a sharp rise, the supply of Toncoin among major traders has decreased. This suggests that major players in the crypto space have been selling, which could signal a price correction in the coming days.
Source: Santiment
Will TON continue to rise?
Then we took a look at the daily chart of Toncoin. While some metrics were bearish, most market indicators remained bullish. For example, the technical indicator MACD showed a bullish crossover.
The Relative Strength Index (RSI) also registered an increase. TON’s Money Flow Index (MFI) also followed a similar trend, indicating that the chances of a sustained price rise were high.
Source: TradingView
Is Your Investment Portfolio Green? Check TON Profit Calculator
Finally, AMBCrypto’s look at Hyblock Capital data reveals that TON will face a massive liquidation spike at $6.85.
Therefore, it will be necessary for Toncoin to surpass this market in order to continue its upward march. In case of a bearish takeover, investors may see TON drop to $6.02.
Source: Hyblock Capital
