Toncoin Faces Downward Pressure Amid Exchange Inflows
(MENAFN- The Arabian Post) Arabian Post -
Toncoin's price has experienced a notable decline, trading at $4.81 on January 29, 2025, reflecting a 13.2% decrease over the past month. This downturn has been accompanied by a significant increase in exchange inflows, with over 240,000 TON tokens, valued at approximately $1.16 million, moved to exchanges in the past week. This surge in exchange activity suggests a potential sell-off by investors, contributing to the downward pressure on Toncoin's price.
The recent price movement aligns with a bearish technical pattern known as the“death cross,” where the 50-day moving average crosses below the 200-day moving average. This pattern often signals further price declines. Additionally, Toncoin's price has fallen to a key support level between $4.50 and $4.84, indicating a critical point for potential price stabilization or further decline.
Market analysts have observed that the increase in exchange inflows and the formation of the death cross pattern are indicative of a bearish trend. The decline in Toncoin's price and the rise in exchange inflows suggest that investors may be liquidating their positions, contributing to the downward pressure on the cryptocurrency.
Arabian Post – Crypto News Network
via Toncoin Faces Downward Pressure Amid Exchange Inflows
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