Recently, the Toncoin (TON) price has moved out of the bearish zone and reached a more stable level. However, there is still no clear signal about the direction of the market.
Cryptocurrency Analysis and Market Situation
TON’s RSI currently stands at 45.56, a significant increase from the previous reading of 30 on October 9. This increase suggests that buying momentum is improving and breaking out of oversold conditions. However, the RSI still remains in a neutral range, reflecting a lack of clear control between buyers and sellers.
The RSI (Relative Strength Index) is a momentum oscillator that measures the speed and magnitude of price changes. Values above 70 indicate overbought conditions, while values below 30 indicate oversold conditions. The current TON RSI value of 45.56 is somewhere between these two extremes, suggesting that the price may continue its consolidation phase.
The market is currently in a state of uncertainty where the current momentum is not enough to support a strong rally or collapse. Therefore, TON is likely to remain within a volatile range in the near term.
TON Supply and Trader Behavior on Exchanges
Between September 29 and October 2, the supply of TONs on exchanges fell from 2.29 million to 1.56 million. This decrease suggests that many holders are withdrawing their tokens from exchanges. However, since then, the supply has slightly increased again to 1.63 million. This partial recovery may indicate that some traders are preparing to re-enter the market.
However, overall supply remains below previous levels, suggesting a shift in investor sentiment. An increase in supply on exchanges is often considered a bear market signal, as coins that are transferred to exchanges are likely to be used for selling purposes.
In early October, the price of TON dropped from $5.88 to $5.34, which may have been affected by the supply on exchanges. However, the current supply stability suggests that the market does not have a strong directional trend.
EMA Indicators and Market Sentiment
TON’s EMA (Exponential Moving Average) lines are currently trending down. Although the short-term averages are below the long-term averages, the gap between them is quite small, indicating that the downward pressure is not strong.
The proximity of the moving averages suggests that price momentum is not indicating a clear direction. Sudden changes in market sentiment can cause a rapid reversal of the trend. This uncertainty reminds traders to be careful and avoid hasty predictions.