What’s Next For Toncoin Price As 240k TON Hits Exchanges?

• Over 240K Toncoin moved to exchanges this week, signaling increased selling pressure, as Santiment’s on-chain data shows.
• Toncoin’s 4-hour MACD remains negative, with the MACD and Signal line below zero, indicating continued bearish momentum.
• Toncoin dropped 5.75% to $4.87 in 7 days as volume fell 35.09% and the market cap declined 2.26%, indicating selling pressure.

Toncoin has observed a significant rise in the exchange inflows, where more than 240,000 TON has been transferred in the last one week.

This movement represents possible selling pressure, as depicted by the on-chain metrics from Santiment. Toncoin price has been trending downward.

It has reduced by 5.75% in a week to trade at $4.87 and the trading volume reduced by 35.09%. Such a shift in market dynamics is worrying about the next direction of the Toncoin price.

On-Chain Data Suggests Rising Selling Pressure

According to Santiment, a large amount of Toncoin was transferred to exchanges, which is a sign that selling pressure is picking up.

When large amounts of tokens are deposited on trading platforms, it implies that holders may be planning to sell increasing market supply.

This trend affects the price in case the demand fails to increase to balance the supply pressure.

Historically, similar rises in exchange inflows were followed by a price decrease which also holds for Toncoin.

Crypto’s inability to sustain earlier support levels may indicate that the traders are taking profits or de-leveraging. If this pattern continues, then further corrections may occur in the short term.

Technical Indicators Show Bearish Momentum

On the technical indicators outlook, the 4-hour MACD of Toncoin is bearish with both the MACD line and signal line lying below the zero line.

This indicates that the bearish pressure is still in force as the sellers maintain control of the price direction. The MACD line has not crossed above the Signal line, thus, a reversal is still not visible.

Furthermore, Toncoin price failed to reverse and push higher after attempting to break through key resistance levels several times.

The extended bearish trend, coupled with poor momentum signals, raises the likelihood of the crypto dropping further.

Price and Market Activity Reflect Weak Sentiment

Within the last one week, Toncoin price has been down by 5.75% from $5.17 to $4.87. This fall is consistent with the decrease in the market capitalization by 2.26% which shows weak investors’ confidence.

The trading volume is down by 35.09%, which may signal a decrease in market activity, which might also lead to weaker price action.

Toncoin price tried to stay above $5.10 but faced more resistance, thus causing a downward trend. If the selling pressure continues then the price may find support at lower levels and may go as low as $4.70 or even lower.

However, if buying pressure rises again, the asset may try to bounce back and retest the $5.00-$5.20 range.

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.