Toncoin: Investor Confidence
Date: 2024-11-01 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
However, changes in coin ownership are showing signs of a possible reversal. More coins are being held by medium-term investors (MTH), which could support stability and create conditions for Toncoin to grow in value.
Optimism among Toncoin investors is noticeable
The Toncoin market is showing positive signs: over the past two months, the share of MTH has increased by 32%, and now 77% of owners have held their assets for more than a month. This indicator indicates increased confidence in the asset and a reduced tendency to sell quickly. The increase in the number of medium-term holders reduces market volatility, as such investors are not susceptible to reactions to small price fluctuations, which contributes to stability.
A positive funding rate also increases hopes for further growth. This long/short balance in perpetual futures indicates that buyers are dominating the market, expecting the price to rise. With the funding rate remaining positive, more traders are buying TON with the expectation of selling it at a higher price. This creates positive momentum, allowing Toncoin to exit the downtrend.
TON Technical Levels: Fighting for a Breakout
The current key level for Toncoin is $4.86. Maintaining this support is critical to creating a platform for recovery. A successful price breakout above this level could signal growth. In addition, Toncoin also needs to strengthen at $5.37 to confirm the breakout, which could increase the chances of a sustained rally towards $6.00.
However, if Toncoin fails to hold $4.86, the asset risks falling to $4.61. The loss of this support could change the current bullish outlook and lead to a further price decline. This could force investors to revise their expectations for the asset's recovery.
