The post Toncoin soars 30% – But THIS indicator presents a warning sign to investors appeared on BitcoinEthereumNews.com.

Toncoin remained in a downtrend despite large gains. A pattern from mid-August is recurring and will give TON bulls pause. Toncoin [TON] gained 32.84% in a week, from the low at $4.43 on Friday, the 6th of September, to $5.885 the next week. Despite these strong gains, the market structure on the daily timeframe was bearish. Heading into the next week of trading, Toncoin is one of the large-cap assets with high bullish expectations due to the previous week’s performance. Will the buyers be able to sustain the rally? Rally, or a liquidity hunt before a continued downtrend? Source: TON/USDT on TradingView The past week’s gains were considerable, but the trading volume did not jump significantly higher. By contrast, the move downward on the 24th of August from $6.8 to $5.1 two days later saw a much higher volume. The trading volume of the past few days was comparable to mid-June levels, when TON was trading at the $7.1-$7.6 region but lacked a strong trend. Hence, a sustained push upward would likely require greater volume. The CMF was at +0.05, the threshold of significant capital inflows. The daily RSI stepped above neutral 50 to signal bullish momentum. These factors gave bulls hope that a market structure break could occur soon. Is this bounce a profit-taking opportunity? Source: Santiment In mid-August, the 30-day MVRV briefly climbed into positive territory. It should be noted that, from a price action perspective, TON was in a downtrend at that time. After a few days, the price began to fall on the 24th of August, dragging the MVRV down with it. Read Toncoin’s [TON] Price Prediction 2024-25 The past few days’ gains saw the MVRV venture into positive territory again, but the downtrend of TON remains in play. The downtrend may continue like it did…

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Filed under: News - @ September 15, 2024 3:21 pm