Toncoin shows both bullish and bearish signs. So, what’s next?
2024-09-17

Toncoin (TON) has been making headlines lately, with a significant drop from its recent highs of around $8 down to now $5.51 at press time. 

Toncoin’s net network growth stood out at press time, showing a 9.03% increase. This bullish signal indicated a steady inflow of new users into the network, reflecting growing interest. 

However, without significant buying pressure, this growth alone might not be enough to reverse the downward trend.

From a technical analysis perspective, the relative strength index (RSI) was at 41.82, nearing oversold territory. Thus, Toncoin could be due for a short-term bounce, although it does not confirm a sustained reversal.

The Bollinger Bands (BB) showed that Toncoin was consolidating, with the price nearing the lower band at $5.43. The lower band could indicate support, with volatility likely to increase. 

The upper band was at $5.60, and a breach of this level could signal upward momentum.

Toncoin’s indicators provided a mixed outlook. While Network Growth and whale accumulation were positive, the decline in large transactions and a neutral “In the Money” showed caution. 

Combined with technical signals like RSI and Bollinger Bands, Toncoin looked to be at a key point. 

The market’s next move could be influenced by rising volume and a potential breakout from the current consolidation phase.