Toncoin (TON) Onchain Metrics and Price Action Suggest Impending Rally Despite Ongoing Dip

According to Sjuul from AltCryptoGems, the recent developments in the TON ecosystem have been significant. He noted that following the launch of the $TON Space within the Telegram messenger in September 2023, the number of active wallets has surged past 11 million.

This growth indicates increased engagement and activity within the network, suggesting a robust foundation for the future of Toncoin.

Buying the Ongoing Dip

Mammon from mammontrading offered a more strategic perspective on the current price dips. He believes that these dips should be viewed as opportunities rather than setbacks.

Mammon expressed optimism about Toncoin price potential, stating that the lows may already be in place and that the market is likely to form higher low patterns before experiencing upward movement. He emphasized that Toncoin is setting itself up for a substantial swing long, supported by a clear range and a liquidity trail that could facilitate a rally if the mid-range is successfully flipped.

Read Also: Expert Says Vanar Chain (VANRY) and Injective (INJ) Prices Will Surge When…

Mammon further analyzed the price action, pointing out that Toncoin is currently situated in the lower part of its trading range, close to a value area low. He identified an untapped demand zone above, which could confirm a Wyckoff model 2 accumulation scenario.

This technical setup, he argued, aligns well with an OTE (Optimal Trade Entry) retracement, making the situation even more compelling for potential investors.

Together, Sjuul and Mammon paint a picture of Toncoin as a project poised for growth, despite the current market challenges. Their insights suggest that while the market may be experiencing a dip, the underlying metrics and technical indicators are pointing towards a potential rally in the near future.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

CaptainAltcoin
Logo