Toncoin (TON) has recently faced a sharp decline, dropping 18% to around $6.79. This downturn follows a remarkable 301% rally from February 23 to June 15, where it peaked at $8.28. However, the price has since exhibited a pattern of lower highs, signaling weakening bullish momentum. The breach of key support levels at $7.01 and $7.25 raises concerns about a potential downtrend for Toncoin holders.
Whale Activity Influences Price
Whales, or large investors, have significantly impacted Toncoin’s market dynamics. Recent data shows that these entities have accumulated approximately 670,000 tokens since mid-June. This accumulation typically indicates bullish sentiment among investors. However, the net flow of large holders has decreased by 97.05% in the last week, suggesting a shift in sentiment.
Price Predictions and Market Sentiment
Looking ahead, analysts anticipate a possible minor bounce in TON price, potentially rising by 5% to 8%. If the price encounters resistance at the previously mentioned levels, traders may find shorting opportunities. The Relative Strength Index (RSI) has also dipped below the neutral level of 50, reinforcing the bearish outlook.
If the price fails to maintain current levels, it could drop further, testing key support zones between $5.90 and $6.23. A breakdown below these levels might see the price fall to around $5.17, marking the midpoint of its earlier rally.
Profit-Taking and Market Indicators
Despite recent price increases, profit-taking among investors has risen, which often leads to declines. The Awesome Oscillator (AO) currently shows negative momentum, indicating a potential downtrend. Additionally, the Moving Average Convergence Divergence (MACD) remains in the red, further supporting this bearish outlook.
Potential for Recovery
If whales begin to accumulate more TON, the price could rebound. A successful recovery could push Toncoin’s price to $6.90 and potentially reach $7.18. However, if selling pressure continues, the value may drop to $6.57 or even lower.
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In conclusion, while whale activity suggests some bullish potential, the long-term outlook for Toncoin remains cautious. Investors should monitor key resistance levels closely and be aware of the risks associated with further price declines.
