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Toncoin’s Bearish Turn – What Are Holders Up To After Failed Recovery Attempt?
Toncoin’s recent price action has taken a drastic turn for the worse. The cryptocurrency, which had previously shown signs of recovery, has plunged 32% in just five days. This sudden bearish trend has left many wondering what holders are up to after their failed recovery attempt.
The market is sending out some very worrisome signs for Toncoin bulls. Firstly, whale activity surged recently, with daily transactions spiking higher. While this could be an indication of a short-term bounce, the combination of this surge with selling pressure has underlined a potential sell-off. The token has shed 26.6% in eight days.
It’s not all bad news for Toncoin investors, however. A glance at the SOPR (Spent Output Profit Ratio) reveals that coins are being sold at a loss. This metric tracks whether an asset is being sold at a profit or loss and provides insights into market sentiment. Unfortunately, this trend is not only bearish but also underscores the fact that holders have failed in their attempt to stabilize the coin’s price.
Further exacerbating this gloomy outlook is the HODLer net position change data. This metric shows that long-term investors are selling off their holdings and transitioning from a phase of accumulation (buying) to one of distribution (selling). The current trend has led many observers to speculate about potential capital outflows, which could lead to even further losses.
The market structure analysis paints an equally dismal picture for Toncoin holders. A brief glance at the CMF (Chande Momentum Index) reveals that capital inflows turned into strong selling pressure in a short span of time. The index has fallen from over 0.05 to as low as -0.14, signaling a sharp shift towards bearish sentiment.
With these indicators all pointing in the same direction, it’s clear that Toncoin is in for a rough ride.
Source: https://ambcrypto.com/toncoins-bearish-turn-whare-are-holders-up-to-after-failed-recovery-attempt/
