The Uncertain Future of Toncoin: Will the Rally Persist or Crash?

The recent surge in Toncoin has created uncertainty for investors and traders. Despite the volatility, one may wonder if large enough stocks can hold onto the coin and make up for the fluctuations. However, upon closer inspection, the stability of this digital currency remains uncertain in the long run.

One major event that led to a short-lived spike in prices was the comment made by Toncoin’s creator, Pavel Durov, following his arrest. This caused the price to increase by 6.62% within ten minutes. While this may have given some reason to believe it would be temporary, it’ll require us to look at the larger picture.

The rally has left many questioning whether this rally will be strong. Let’s take a closer look at the price of TON today, where it dropped by incredibly 16.03% over the past month, and last week by 10.43%. All these figures show how uncertain the cryptocurrency is.

Are whales and large investors really inactive, or is there more to the story? The decline in large holder transactions from 1.79k to 1.03k indicates a lack of confidence in the long-term stability of TON. This is crucial, as whales and large holders often influence market trends.

However, there are indications that new capital is being generated. Coinglass has found that Open Interest (OI) has increased by 7.57%, indicating greater interest in DAYS. In addition, over $646.98k of short positions were forcibly liquidated, indicating positive market sentiment among investors looking to invest in the cryptocurrency.

However, it’s important to examine the current market conditions closely as active market participants, such as Active Addresses and New Addressing, are low. The lack of interest from traders and investors may end up damaging the sustainability of the current rally.

Technical analysis offers valuable insights into TON’s situation. The neckline of this head and shoulders pattern, a crucial support level, is located at $4.8178. According to Fibonacci retracement, the next target would be $5.0832. Furthermore, there are potential support levels at $4.3577 and $4.5154. While these levels may provide temporary support, they are not necessarily a guarantee for long-term stability.

It’s essential to approach this market with caution due to the absence of interest from whales and other large holders, which raises questions about whether this rally will persist given the fundamental changes in the market. The future is uncertain as to whether this cryptocurrency can maintain its current level of activity or suffer another crash.

Disclaimer: This article is for informational purposes only and should be read carefully, incorporating information from multiple sources before investing.