Toncoin (TON) Onchain Metrics and Price Action Suggest Impending Rally Despite Ongoing Dip
- Linda HamiltonOriginal
- 2024-10-03 09:06:14449browse
According to Sjuul from AltCryptoGems, the recent developments in the TON ecosystem have been significant. He noted that following the launch of
oncoin Toncoin (TON) price action has been largely influenced by the broader market trends in recent months. However, several key onchain developments and metrics have also played a role in shaping the narrative around the crypto asset.
As reported by AltCryptoGems' Sjuul, recent developments within the TON ecosystem have been significant. 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.
Amid the boom of "tap" apps and following the launch of the $TON Space in the Telegram messenger in September 2023, the number of active wallets in the TON ecosystem has surpassed 11 million. pic.twitter.com/YHaycg8LZA
Buying The Dip
A more strategic perspective on the current price dips was offered by Mammon of mammontrading, who 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 of liquidity and a price action that suggests a potential rally if the mid-range is successfully flipped.
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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, Sjuuhr 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.
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