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Since September 28, Toncoin’s value has dropped by 10%, and analyses suggest that this downward trend may continue. On-chain data and technical analyses point to the possibility of the price reaching its lowest monthly level, potentially leading to a long-term downtrend in the Toncoin market. BeInCrypto has examined the outlook for Toncoin holders.
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The platform Santiment reports that the supply of Toncoin on exchanges has reached 1.6 million tokens, reflecting a 7% increase. Meanwhile, the amount of Toncoin held outside exchanges has dropped to 9.93 million tokens. These changes suggest that some holders sell their tokens to lock in profits. The increased supply on exchanges and reduced demand could intensify selling pressure, negatively impacting Toncoin’s price.
The net flow of large Toncoin holders, a key indicator in cryptocurrency market analysis, has dropped by 143% over the past week. This significant decline suggests that whales are less inclined to buy Toncoin. Since the decisions of large investors can impact overall market trends, this decrease could raise concerns about Toncoin’s future price trajectory.
The reduced activity of whales in the Toncoin market has sounded the alarm for investors. These large investors, holding substantial assets, directly influence price trends. A decline in buying and an increase in selling by whales indicates reduced confidence in the cryptocurrency and could create a negative sentiment in the market. This, in turn, might push retail investors to sell their holdings, further increasing selling pressure.
Factors Affecting Toncoin’s Price
- Market Sentiment: Changes in overall investor sentiment toward cryptocurrencies, and specifically Toncoin, can significantly impact its price. Positive or negative news related to the Toncoin project, major events in the cryptocurrency market, and general economic conditions can all influence market sentiment.
- Whale Activity: The decisions of large investors, especially whales, can heavily sway the market. Increased buying by whales can be seen as a buying signal, driving up the price, while increased selling can signal a downturn, pushing the price down.
- Supply and Demand: The balance between supply and demand is one of the most crucial factors determining the price of any asset. A rise in supply relative to demand typically leads to a price decrease, while increased demand relative to supply generally drives prices higher.
- Specific Events: Events related to the Toncoin project, such as new updates, partnerships, or changes in the development team’s policies, can significantly impact the cryptocurrency’s price.
Possible Scenarios
- Pessimistic Scenario: If selling pressure continues and market sentiment remains negative, Toncoin’s price may drop below $4.42. This could indicate the start of a long-term downtrend for Toncoin.
- Likely Scenario: We could see significant price fluctuations for Toncoin in the short term. If selling pressure eases and market sentiment improves, the price may rise toward the $5.90 resistance level. However, if the selling pressure persists, the price may fall below $4.42.
- Optimistic Scenario: If a lot of positive news emerges about the Toncoin project and large investors significantly increase their purchases, the price could quickly break past the $5.90 resistance level and aim for higher price targets.
Is TonCoin worth investing in?
Conclusion
Toncoin’s future remains uncertain. The increase in supply and decrease in demand have made Toncoin susceptible to significant price fluctuations. While the price could potentially drop to $4.42, an improvement in market conditions and a shift in investor sentiment could reverse the trend. Investors should carefully monitor market developments and be prepared for sudden changes.
