Toncoin [TON] blockchain hits 1B transactions – Bull run ahead?
The post Toncoin [TON] blockchain hits 1B transactions – Bull run ahead? appeared on BitcoinEthereumNews.com.
The TON blockchain touted a record-breaking milestone, reaching 1 billion transactional volume. Does this signal an impending price correction? Toncoin [TON] has faced a downward trend since late August, dropping 28% to $4.884 due to controversy surrounding Telegram and Bitcoin’s [BTC] meltdown. Despite this, a recent surge of 1 billion transactions on the Toncoin blockchain prevented it from testing the $4.5 support level, which AMBCrypto noted could have retracted it to its February low of $2.06. After the pullback, TON rallied close to the $9 resistance. As TON nears $4.5 again, AMBCrypto explores whether bulls can prevent a repeat of February’s decline or if Bitcoin will push TON into a bearish trend. BTC volatility limits TON rebound Amid wider market volatility, driven by Bitcoin dropping below the $57 support level, bulls may need to work harder for a TON rebound. The TON blockchain registering 1.02 billion transactions, with half occurring in the last three months, surely reflected a surge in user engagement. However, despite this historic milestone, the daily buying volume remained below bullish expectations. Source : Coinalyze The chart showed a bullish rally in late February, pushing TON near $9 by mid-April, with the OBV climbing from 80K to 216K and RSI reaching 80, signaling a solid overbought condition. In early August, despite a bearish start, a surge in OBV and CMF drove a sharp two-week spike in TON before BTC disrupted it. In short, bulls have repeatedly pushed TON for a price reversal, supported by strong volume data and the high transaction volume on the TON blockchain. However, AMBCrypto noted that BTC-induced market volatility has made investors cautious, as shown by an oversold RSI, leading to reduced capital inflow despite these bullish efforts — So, is a rebound off the charts? Recent whale activity Interestingly, whales hold 68.88%…
Filed under: News - @ September 4, 2024 3:25 pm