Toncoin (TON) has witnessed a surge in whale activity on its network in recent weeks, as reported by CryptoQuant analyst Joao Wedson. There has been a noticeable increase in wallet addresses holding between 100,000 and 1 million TON tokens.
Wedson suggests that this uptick in accumulation by major players indicates the asset's potential and perceived value. Despite the ongoing accumulation, Toncoin's price chart suggests a potential short-term decline.
Currently trading at $6.43, TON has experienced a 20% increase in value over the past month. However, indicators like the Relative Strength Index (RSI) and Money Flow Index (MFI) show signs of weakening buying pressure.
Source: TradingView
The RSI at 52.57 and MFI at 23.39 indicate a bearish divergence, suggesting that the recent price increase may not be sustainable. The Parabolic SAR indicator dots above TON's price and the MACD line below its signal line further confirm a potential downtrend.
The setup, with the MACD line falling below the signal line, is considered bearish, indicating weakened upward momentum. Traders may interpret this as a signal to exit short positions and consider long positions.
Despite the accumulation by whales, TON faces price risks in the short term due to weakening buying pressure and bearish indicators. Traders should exercise caution and closely monitor market developments before making any investment decisions.
Telegram's TON blockchain benefits from the popularity of games like Hamster Kombat, engaging millions and promoting blockchain familiarity, while TapSwap faces delays in token distribution, impacting its community and future engagement plans.
WeatherlyBeneath Telegram games' gloss, risks and fraud lurk. Notcoin's founder Sasha questions the longevity of button-mashing games amidst Toncoin and Notcoin's declining values.
KikyoHamster Kombat, a Telegram game, has surged to 100 million players with its tap-to-earn mechanics, backed by a massive social media following. Its potential token airdrop and TON blockchain partnership fuel excitement, despite debates over coin accumulation strategies and comparisons to Tapswap.
WeatherlyTelegram has introduced Telegram Stars, an in-app currency for purchasing digital goods and services within the platform, and developers can convert these Stars to TON cryptocurrency via Fragment. This system reduces commission fees, incentivizing developers to create and promote apps on Telegram, furthering its ambition to become a comprehensive super app.
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EdmundToncoin [TON] emerges as strong competitor to Bitcoin [BTC] in Layer 1 Network. Toncoin outperforms BTC with 160% gain, higher active addresses. Despite surge, trader sentiment sours, contrasting Bitcoin's positive sentiment.
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