Will Centralization Fear Stop Toncoin's $10 Rally?
Toncoin rose 2.2% to $5.9 on Friday, January 18. This positive trend seems to be fueled by market enthusiasm in Donald Trump's inauguration. Will TON crypto benefit on market sentiment or will centralization worries limit its recovery?
TON's market value is $13.9 billion, and its 24-hour trading volume is $184.2 million.
Key Highlights:
Toncoin price is correcting in a falling triangle.
The long-tail rejection candle around $4.6-$5 suggests crypto buyers should accumulate.
A flat 100-and-200-day exponential moving average indicates a sideways market.
Few Wallets Hold 91% of TON Tokens
According to IntoTheBlock, 91% of TON tokens are owned by a few wallets, indicating a high concentration of ownership. This suggests that TON token network concentration may give a few holders too much power.
Concentrated ownership generally indicate confidence from significant investors or early adopters, but they may also lead to price manipulation or market instability if huge numbers of tokens are traded.
Toncoin might continue recovery and favorable market sentiment if significant holders do not influence major price movements.
Toncoin Price May Break Triangle
Toncoin has fallen 22% from $7.19 to $5.6 in six weeks. The daily chart shows a sustained consolidation since April 2024 with a declining trendline.
The pattern suggests a downswing trendline as dynamic resistance and steady support at $4.6. Long-wick rejection candles from $5-$4.6 suggest purchasers are vigorously protecting this support for a reversal.
Toncoin may rise 8.3% to break $6 before testing the pattern's barrier during the market recovery. A breach of the above trendline will boost buying pressure for a rise beyond $8 and $10.
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