CandleFocus 70% of Toncoin (TON) Traders Are Bearish: Short Squeeze Incoming
2024-09-10
Author: Content Editor
Toncoin (TON) has managed to hold above the $5 mark, indicating confidence in its upward momentum. However, many traders are taking short positions amid growing uncertainty. On-chain data suggests that these traders may soon be forced to exit their trades. The Long/Short ratio for TON has decreased, with 73% of traders shorting the token and 26% expecting an increase in price. Despite this, addresses that purchased TON in the last 30 days are still holding onto the cryptocurrency, which is viewed as a bullish signal. The price of TON is currently trading at $5.26, with a potential for further gains according to the Chaikin Money Flow (CMF) indicator. However, if the bullish momentum subsides, the price may fall below $5 again.
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