Toncoin Faces Increased Selling Pressure as Exchange Inflows Surge by 37.54% Amid Bearish Market Sentiment
The post Toncoin Faces Increased Selling Pressure as Exchange Inflows Surge by 37.54% Amid Bearish Market Sentiment appeared on BitcoinEthereumNews.com.
Toncoin (TON) faces significant challenges as selling pressure intensifies amidst a notable rise in exchange inflows. Despite a daily price surge of 1.83%, Toncoin struggles to break free from the $5.1 to $5.5 trading range. “The increase in inflow demonstrates a lack of investor confidence,” notes a recent report by IntoTheBlock. Toncoin faces heightened selling pressure as exchange inflows jump 37.54%; market sentiment remains bearish despite minor gains over the short term. Market Dynamics: The Struggle of Toncoin In light of recent data, Toncoin appears trapped in a trading limbo, oscillating between $5.1 and $5.5 for several weeks. While broader market trends show altcoins capitalizing on Bitcoin’s momentum, Toncoin’s performance remains tepid despite achieving a daily price rise of 1.83%, bringing it to $5.55. Weekly and monthly performance metrics also indicate some resilience, with increases of 4.91% and 6.85%, respectively. However, this is tempered by the alarming fact that Toncoin’s current price is still around 32.84% below its all-time high of $8.24, which underscores the broader bearish sentiment prevailing against this altcoin. Analyzing the Inflow Surge and Its Implications Market analysts from COINOTAG detail that the recent 37.54% increase in exchange inflow reflects not just a transient spike, but potential underlying issues, particularly a lack of confidence among investors. When inflows to exchanges jump significantly, it often indicates that investors are shifting assets with the intent to sell, a trend that could foreshadow larger price declines. Source: IntoTheBlock The increase in inflow—from a low of $34.05 million to $48.69 million—is a critical indicator for traders to monitor, as it suggests a wave of selling pressure that could impact Toncoin’s price stability. Technical Indicators and Future Projections From a technical standpoint, Toncoin’s Stochastic RSI recently registered a bearish crossover, dipping from 85 to 39. This metric further validates the notion that…
Filed under: News - @ November 23, 2024 3:12 am