Technical analysis of Toncoin (TON) on October 30, 2024, shows that this coin is in an important price zone, with signs both positive and negative, depending on specific indicators and the behavior of large investors. Currently, TON is fluctuating around the price of $5.29 after failing to maintain support at $5.37. This support level is the key for Toncoin to potentially increase in price again and attempt to break through the $6.00 level, but if it cannot hold, TON is likely to drop further, especially towards the $4.86 area if selling pressure increases.
Regarding technical indicator analysis, Toncoin is currently below the Ichimoku cloud, a strong bearish signal. This suggests that the short-term trend may continue to decline. Furthermore, the recent sale of 21.8 million TON by large investors (whales) has created significant pressure, making recovery more difficult.
In this context, compared to other coins in the Telegram ecosystem such as new bot tokens (Telegram bot tokens), Toncoin still has appeal in terms of ecosystem aspects and long-term potential, but other meme coins like Dogecoin or Shiba Inu may have faster growth due to support from a large community and high volatility. Although these meme coins may not possess sustainable fundamental potential like Toncoin, they attract short-term investors due to stronger "pump and dump" cycles.
Thus, if Toncoin can overcome short-term resistances and hold the $5.37 level, the bullish outlook may be feasible and attract funds from investors seeking relative stability in the Telegram ecosystem.