The post Toncoin sentiment shifts to bullish: Is TON’s rebound ahead? appeared on BitcoinEthereumNews.com.

TON has declined by 14.64% over the past month. Market fundamentals indicated a shift in market sentiment, from bearish to bullish. Over the past month, the crypto market has experienced a strong upswing, with Bitcoin [BTC] surging to a local high of $69k. However, over the past week, the market has cooled down, with most cryptocurrencies going negative. Thus, the recent losses have started to outweigh monthly gains. One of the most hit altcoins was Toncoin [TON]. Since hitting a monthly high of $5.8, TON has experienced a significant decline. In fact, as of this writing, Toncoin was trading at $4.95. This marked a 2.42% decline over the past day. Equally, the altcoin has dipped by 14.64% on monthly basis, with an extension to this bearish trend by 6.06% on weekly charts. Notably, the prevailing market conditions have left the crypto community deliberating over the altcoin’s trajectory. One of them is the popular crypto analyst Ali Martinez, who suggested that TON’s current conditions signaled a buying opportunity. TON shows a buy signal In his analysis, Martinez posited that TD sequential showed a buy signal on Toncoin’s 12-hour charts. This suggested a potential price rebound in the near future. Source: X What this means is that selling pressure is a warning, and the bears are losing momentum. When sellers lose momentum, buyers can enter the market at lower prices, thus creating buying pressure. The appearance of the buy signal has resulted in increased trading activities over the past day. Thus, TON’s trading volume has surged by 126% to $313.1 million. Thus, most traders were entering the market at lower prices. If the market follows through, the prices will rebound and see further gains on price charts. Gains ahead? Although TON has experienced a sustained decline, the current conditions suggested that the…

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Filed under: News - @ October 27, 2024 4:02 am