CandleFocus Toncoin nears a dreaded pattern despite strong on-chain metrics
2024-09-30
Author: Content Editor
Despite strong on-chain metrics, Toncoin (TON) is currently in a bear market and at risk of forming a death cross pattern. The number of on-chain activated wallets has significantly increased, while the number of Toncoins burned daily has also risen. However, Toncoin's price has dropped due to its declining role in decentralized finance (DeFi) and the performance of its tap-to-earn tokens. Additionally, the recent arrest of Pavel Durov and the drop in demand for Toncoin futures have contributed to the bearish sentiment. Technical analysis suggests that Toncoin may experience a bearish breakout unless it surpasses key resistance levels.
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