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- Toncoin’s price action and discouraged investors hinted at a potential opportunity to buy
- Metrics on the chain did not completely agree with this assessment, with some signs of whale distribution
Toncoin (ton) recorded a constant decline in its total locked (TVL) value during decentralized and centralized exchange (Dex and CEX), as well as in derivatives and options. According to the cryptquity analyst Joao WedsonThis can be a sign of removal.
Source: Cryptocratquent
His analysis suggested that traders and investors were discouraged with toncoin and reduced the exposure to the token. This could explain the constant decline in TVL trading since July 2024.
Bitcoin -ova (BTC) Volatility in recent weeks, with the weakness of Altcoin Market, has noted that the TVL squares have dropped abruptly in January. However, is it possible that he also provided the opportunity to buy?
Source: tone/USDT on TraringView
A one -day price of the action price revealed that Toncoin could be close to its six -month range at $ 4.62. These lowest were just above the level of 61.8% of Fibonacci’s correction, outlined on the basis of a gathering that began in March 2024.
Therefore, the region of $ 4.46 to $ 4.6 is a large demand zone that is likely to defend themselves after again testing. In addition, Ovl did not sink below the local lowest. This meant that sales pressure was not predominantly strong.
The Distribution of Supply and Netflows showed conflicting signs
Addresses with less than 100 tons in recent months have been constantly growing in number. This was an encouraging sign and hinted that more participants were entering the ecosystem and buying Toncoin. However, these participants do not mostly move markets.
Hard lifting is done by whales, and their number decreased. Shark and whale addresses with more than 100 tons and up to 100k tons, have been reduced since August 2024 – a distribution sign. The recent transmission tone transfer has also increased the chances of pressure sale.
The recent drop in the price of Altcoin has also contributed to an increased ratio of TVL. This ratio measures the percentage of the total TVL assigned to invest. His growth emphasized some belief among long -term owners.
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A permanent trip in recent months has revealed that participants have not withdrawn their assets from the attitude to use them more actively to trade, due to the formation of the range and lack of long -term increase.
In combination with a fall in TVL trading, these conditions could give a long-term opportunity to buy investors.
