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The TONUSD market has been buzzing with the recent increase in the supply of TON, despite Toncoin’s whales remaining inactive. While the activity of the whales may seem insignificant, Toncoin is currently undergoing a correction phase due to the small investors.
According to crypto.news, the number of transactions performed by the whales has decreased by almost 100%, leading to a significant rise in the supply of TON on most exchanges in the past two weeks.
Toncoin’s (TON) price has consistently risen over the past ten days despite low whale activity. This shows the upward momentum has come from small investorshttps://t.co/NN1xLg1Dtc
— crypto.news (@itscrypto_news) August 29, 2023
This has raised concerns among traders, as the whales’ inactivity coupled with the increase in native token supply may lead to a downtrend in the value of TON. Despite these concerns, Toncoin’s correction phase to the upside began a few days ago, signaling that buying pressure has otherwise come from small investors. As the market evolves, it will be interesting to see how Toncoin’s whales respond to the increasing supply of TON and whether the cryptocurrency can maintain its upward trajectory despite the odds.
NEW: Toncoin price surges with small investors interest
— Crypto Chiefs News (@CryptoChiefNews) August 29, 2023
Check out what others have to say on X
Key Toncoin Levels to Watch: August 30
Following the formation of the major high at $2.9180, TONUSD crashed to $1.9400. The emerging downtrend eventually resumed as the price bounced off the falling trendline. Owing to the reaction at the falling trendline and the $2.6170 resistance, the downtrend continued into the discount zone.
According to the MA Cross, the market has been typically bearish since the market structure shifted in March 2023. However, following the rejection at $0.9980, TONUSD made a retracement to the upside. The correction phase is likely to end immediately as the price invalidates the $2.0700 high.
TON/USD Key Levels
Resistance Levels: $1.7700, $2.6170, $2.9180
Support Levels: $1.1530, $0.9980, $0.7000
Total Market Capitalization: $1.09T
Toncoin Market Capitalization: $5.80B
Toncoin Volume: $37.8M
Market Rank: #11
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