Toncoin Price Faces Potential Dips as Daily Active Addresses Plummet: Could It Reach $4.69 or Rally Toward $6?
The post Toncoin Price Faces Potential Dips as Daily Active Addresses Plummet: Could It Reach $4.69 or Rally Toward $6? appeared on BitcoinEthereumNews.com.
The recent price trends of Toncoin (TON) indicate a critical juncture for investors and analysts alike. Data reveals a substantial 138.59% decrease in daily active addresses, hinting at a significant reduction in market participation. A notable drop in the Chaikin Money Flow further emphasizes the growing selling pressure on Toncoin. Recent analysis of Toncoin suggests that a significant decline in daily activity could lead to price fluctuations, ultimately impacting investor sentiment and market positioning. Toncoin’s Price Facing Bearish Pressure In the past week, Toncoin’s (TON) price has been relatively stagnant, remaining in the $5 range. This prevailing price action contrasts earlier forecasts that anticipated a breakout beyond current levels. The stagnation, alongside a notable dip in market activity, raises concerns about Toncoin’s short-term trajectory. Daily Active Addresses Indicate Weakness A pivotal factor influencing Toncoin’s market performance is the alarming divergence in Daily Active Addresses (DAA). This critical metric serves as a barometer of user involvement within the blockchain ecosystem. Typically, rising DAA alongside increasing price signals a bullish impending movement. However, a glaring 138.59% plunge in DAA, as reported by Santiment, suggests diminished user interaction and a bearish sentiment prevailing amongst traders. Network Growth and Market Implications Another essential aspect to consider is the ongoing decline in Network Growth, which reflects the rate of new user adoption within the Toncoin ecosystem. A robust growth in network metrics often precedes bullish price movements, signaling a rising interest among potential investors. Unfortunately, current assessments show a downward shift in this metric, indicating that Toncoin may face additional selling pressure in the near term. Chaikin Money Flow and Short-term Price Predictions Delving further into Toncoin’s technical analysis, the Chaikin Money Flow (CMF) has seen a notable decrease. This indicator assesses the accumulation versus distribution of an asset. Currently, the CMF stands at -0.22,…
Filed under: News - @ October 19, 2024 6:09 pm