The post TON’s 12% fall – Why short-term decline could lead to long-term growth appeared on BitcoinEthereumNews.com.

A recent spike in large-volume transactions coincided with TON’s price drop, signaling potential near-term weakness However, a possible rally could be forming as chart patterns suggested an upward shift may follow Over the past month, Toncoin [TON] has lost 10.12% of its value – A sign of recent bearish momentum. And still, the rise in large transaction volumes, combined with emerging technical indicators, suggested that this dip may be temporary, with a rebound likely in the near future. Large sell-off pushes TON into short-term decline TON has recorded a surge in large transactions over the last 24 hours. According to data from IntoTheBlock, these transactions have risen to 1,850. A spike in large transaction counts, coupled with a price dip and a 27% hike in volume to 195.15 million, together, were a sign of bearish momentum. They also hinted at a further decline as whales have been selling. Source: IntoTheBlock Technically, this downturn is expected to be short-lived, with TON likely to hit a support level around $4.601. This is where a strong buying cluster could drive a price rebound, which wasn’t far from its press time price of $4.873. This support seemed to align with a descending line pattern, which may act as a bullish catalyst if TON breaks above the line with a confirmed close. Such a breakout could push the price up to a target of $7.262. However, if selling pressure intensifies, TON may instead drop to a lower support level near $3.319. Source: Trading View Sentiment aligns with TON’s bullish outlook The prevailing narrative for TON suggested that a short-term decline may precede a rebound that could drive the asset towards a long-term target. Market sentiment, at the time of writing, pointed to a possible short-term decline. Especially as liquidation data from the past 24 hours…

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Filed under: News - @ November 4, 2024 3:27 pm