Is TON set for another surge after reaching 100 million holders?
The post Is TON set for another surge after reaching 100 million holders? appeared on BitcoinEthereumNews.com.
TON’s technical indicators suggest mixed signals, with RSI hinting at a potential rebound. Open interest and a near-balanced long/short ratio indicate rising speculation and possible volatility. Toncoin [TON] has taken the crypto world by storm, growing its holder base from 4.3 million at the beginning of 2024 to a staggering 100 million currently. This rapid increase in holders has been accompanied by a corresponding spike in trading volume, signaling strong market interest. At press time, TON was trading at $5.18, down slightly by 0.25% over the past day. Therefore, the critical question is whether TON can sustain this momentum and push forward into higher price ranges. TON technical analysis: Is a rally coming? Examining TON’s technical indicators, the Relative Strength Index (RSI) was at 45.18, showing the market is just below neutral. This indicates a slightly oversold condition, suggesting that a rebound could be on the horizon. However, the MACD (Moving Average Convergence Divergence) shows a slight bearish signal, as the histogram hovers just below zero, reflecting minimal momentum in either direction. Consequently, traders are closely watching for a breakout signal to determine TON’s next move. Source: TradingView TON network activity: A short-term dip or long-term growth? Daily active addresses provide another crucial insight into TON’s network health. At press time, 174 active addresses were recorded, down from 188 the previous day. This slight dip might suggest a temporary cooling-off period. However, considering the massive increase in long-term holders, the broader network growth remains strong. Additionally, the influx of new users signals robust adoption, even if short-term activity fluctuates. Source: Santiment Long/short ratio: Bearish sentiment could trigger a rebound Interestingly, the updated long/short ratio reveals a more balanced sentiment. Currently, 53.45% of traders hold short positions, while 46.55% are long. Therefore, the long/short ratio stands at 0.8709, suggesting that bears…
Filed under: News - @ October 10, 2024 9:19 am