In the crypto world, sometimes a star shines and attracts all the attention. This is where Toncoin comes into play. Trying to write its own story without being overshadowed by Bitcoin , the altcoin gives promising signals in technical analysis. However, we all know that in the crypto world, not every signal, not every rise necessarily turns into a big explosion. So, is Toncoin really preparing for a big leap, or is this just a temporary excitement? As Kriptokoin.com, we are examining this…
Elliott Wave Theory: Order in Chaos
If the crypto world were a novel, Elliott Wave Theory would be the mathematical basis for it. For investors in the popular altcoin Toncoin, the last few months have been like being swept along in a difficult storm. Seeing the price drop from $8.17 to $4.5 was alarming for many. But things are different here. This decline was theoretically a planned “correction wave.”
Analysts like CryptoBullet say this is wave number four. And the exciting part? Wave five is on the horizon. If this theory holds true, Toncoin could surge to $12, perhaps as high as $18. The question now is: These targets sound exciting, but is Toncoin resilient enough to see these potential highs?
Whales Are At Work for Popular Altcoin: Big Players’ Moves
Large investors, known as “ whales ” in the market, usually know where the money is. When we look at Toncoin, we see that whales have come to the scene in the last few weeks. According to on-chain data, 29 percent of the Toncoin supply is held by these large players. Just a few weeks ago, this rate was 23.5 percent. Now, how should we interpret this rate?
Whales’ increasing interest is usually a positive sign. If they see something, we ordinary investors should also pay attention. Such a large accumulation can ease the selling pressure and push the market higher. But let’s not forget that whales also aim to make a profit. So if they are buying, we should ask the question, “When will they sell?” rather than saying, “Come on, it will go up.”
Technical Analysis: Is the Altcoin Ready for a Rise?
Now let’s get to the technical side of things. The $5.45 level on the daily chart is almost a threshold point. If Toncoin manages to stay above this level, the target could be $8.25. What’s even better is that it’s currently trading above the 50-day moving average. This is a positive signal for an increase in the short term.
What about Coinglass’s data? The Long/Short ratio is at 1.05, meaning investors are on the buying side. This shows that the market is showing increasing confidence in the altcoin project. However, no matter how strong the bullish expectations are, if the resistance levels are not overcome, things can turn around. Rising enthusiasm can suddenly give way to cold reality.
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