Based

2024

Toncoin

Impact

The crypto market experienced a roller coaster ride this week. It initially surged with excitement following the US SEC’s approval of the spot ETH ETF, but later faced a correction period driven by Bitcoin. This caused broader market uncertainty with most of the major altcoins including <a href="https://coingape.com/toncoin-price-soars-3-amid-telegram-new-currency-announcement-heres-all/" rel="noopener noreferrer nofollow">TON</a> witnessing a sideways action. The Toncoin price is currently trading at $6.4 and trying to stabilize above $6 physiological support. Will the correction trend extend or buyers could counterattack at the $6 floor?
Also Read: <a href="https://coingape.com/markets/toncoin-price-forecast-hints-a-risk-of-25-double-top-pattern/" rel="noopener noreferrer nofollow">Toncoin Price Forecast Hints a Risk of 25% Fall Amid Emerging Double Top Pattern</a>
<h2 id="b-whale-activity-boosts-toncoin-network-impact-on-price-trends-b">Whale Activity Boosts Toncoin Network: Impact on Price Trends</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/b/B2ZpUtAq.png" alt="OKX:TONUSDT Chart Image" width="1946" height="937">
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 Toncoin Price| Tradingview
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On May 11th, the <a href="https://coingape.com/toncoin-sees-whale-transactions-of-1-million-ton-price-rally-to-continue/" rel="noopener noreferrer nofollow">Toncoin coin</a> witnessed a bearish reversal from the $7.5 resistance. This turnaround tumbled the coin price by 20% to hit support at a $6 psychological level. These two reversals within five weeks from the same resistance signal the formation of a bearish pattern called double top.
If the pattern holds true, the sellers could lead a 27% downfall only to complete the first part of the setup and challenge neckline support at $4.7.&nbsp;
<blockquote>
 However, the TON price is currently in a sideways action seeking support at $6.2 amid the market uncertainty. A potential reversal from this support pushed altcoin 4% in the last 48 hours to currently trade at $6.45.
</blockquote>
Based on the analysis shared by Joao Wedson from CryptoQuant, it’s evident that the TON Network has seen a notable surge in high-value transactions. Throughout 2024, there’s been a dominant trend of transactions exceeding $1 million, which represents a significant portion of the on-chain volume for TON.
<blockquote class="twitter-tweet">
 Surge in High-Value Transactions on <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/TON?src=hash&amp;ref_src=twsrc%5Etfw">#TON</a> Network
 “Transactions exceeding $1M USD dominate the on-chain volume of <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24TON&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TON</a>.” – By <a rel="noopener noreferrer nofollow" href="https://twitter.com/joao_wedson?ref_src=twsrc%5Etfw">@joao_wedson</a>
 Read more <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a rel="noopener noreferrer nofollow" href="https://t.co/vc98zfhICU">https://t.co/vc98zfhICU</a>
 — CryptoQuant.com (@cryptoquant_com) <a rel="noopener noreferrer nofollow" href="https://twitter.com/cryptoquant_com/status/1794051483857543525?ref_src=twsrc%5Etfw">May 24, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This uptick in large transactions suggests a growing interest from whales—investors with substantial resources—and indicates an overall increase in network activity. The increasing frequency of these transactions is not only a marker of heightened investor interest but also plays a crucial role in bolstering the network’s robustness.
Thus, if the bullish reversal breaks $7.5 resistance the bearish thesis will get invalidated and chase an immediate target of $8.8.
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> slope above the midline (50%) indicates a neutral to bullish sentiment.</li>
 <li style="font-weight: 400;" aria-level="1">Pivot level: With the Toncoin projecting the potential of entering a price discovery mode, the Traditional pivot level shows the overhead supply pressure at $8.8, followed by $10.</li>
</ul>
The post <a href="https://coingape.com/markets/toncoin-price-faces-double-top-pattern-will-6-hold/" rel="noopener noreferrer nofollow">Toncoin Price Faces Bearish Double Top Pattern: Will Support at $6 Hold?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Toncoin Price Faces Bearish Double Top Pattern: Will Support at $6 Hold?

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