- Toncoin price is hovering near the supply region, close to the $8 mark.
- Amidst a flag pattern breakout, TON is yet to cross the supply zone.
The native token of the TON ecosystem (Toncoin) witnessed whale activity and sustained gains near the $7 mark.
After the launch of Notcoin (NOT), the TON surged into a bullish trajectory. Toncoin escaped the flag pattern and decisively sustained above the key moving averages.
Fueled by investor interest and whale activity, Toncoin looks optimistic and poised for a rise beyond the $8 mark.
Analyst @Ali Martinez explained that Toncoin recorded a whopping 237.5% surge in large transactions within the past 24 hours. This significant surge in whale activity might shift the TON price beyond the $8 mark or may drag it below $6 ahead.
Per the market sentiment, the whale activity drives the positive or negative move.
At press time, the Toncoin price was being traded at $6.89 with an intraday surge of 3.68%, reflecting buying momentum on the charts. It has a monthly return ratio of 19.20% and 298.20% yearly.
The number of large #Toncoin transactions (over $100,000) has surged by 237.5% in the past 24 hours!
— Ali (@ali_charts) June 3, 2024
This significant increase in $TON whale activity suggests a strategic shift in their investments and positions. pic.twitter.com/iEHWFgxcp1
Source: X
TON Displays a Double-top Formation, is a Selloff up ahead?
On the daily chart, a double top pattern was noted and the coin looked stretched in the past sessions. The pattern feared the investors regarding the possibility of a down move.
Additionally, the speculative move could be indicative of buyers’ exhaustion and TON crypto might retest the 20 day EMA mark soon.
Source: Santiment
Going forward, the trading volume significantly dropped over 53.20% to $174.32 million, the total supply value noted at 5.11 billion.
However, the coin ranked at 11 per the market cap listing and surged over 10% this week. The Relative Strength Index (RSI) curve is in the overbought zone and witnessed a positive crossover on the charts.
An earlier tweet by @Mister Crypto on X, suggests that the next target for the Toncoin is the $10 mark.
The next $TON target is $10. pic.twitter.com/vjVHXM5uQ4
— Mister Crypto (@misterrcrypto) May 30, 2024
Source: X
However, bulls need to sustain and close above the $7.45 to continue the upside momentum ahead. If it fails to hold, sellers might enter the battle and dropping TON below $6 soon.
Price Volatility and Weighted Sentiment Witnessed a Decline
Amidst the notable price rise of over 3%, the weighted sentiment stayed below the midline region and witnessed a drop of over 32% to -1.90 mark signifying a decline in investor interest.
Source: Santiment
Similarly, the price volatility reveals a decline over 12% and dropped to 0.014 mark, which implying a significant decline in the trading activity.
What Does Social Dominance and Development Activity Indicate?
Social Dominance data witnessed fluctuations and jumped over 21% to 1.509% revealing investor activity and discussions on the media platforms.
Source: Santiment
Meanwhile, the development activity data revealed follow-on decline over the past few weeks and remained flat near 0.071, witnessing a negative outlook.
Futures OI Data Insights
Amid a 3% price surge, the futures open interest data remained flat and witnessed a speculative rise.
The open interest data dropped over 0.12% to $200.19 Million in the last 24 hrs, revealing short covering data. The immediate support levels for Toncoin is $6.30 and $6, whereas the key upside hurdle is around $7.20, followed by $8.
Conclusion
The Toncoin (TON) sustained gains in the bullish trajectory and stayed above the key moving averages. However, the price action looks negative and guides a possible retracement ahead.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
