In the last 24 hours, Toncoin (TON) has experienced a decline in its trading activity, with more sellers being active compared to buyers. Despite this, the trading volume for Toncoin has seen a significant spike, attracting the attention of market observers. Data analysis from CoinMarketCap indicates that the volume has increased by over 80% in the last 24 hours, reaching approximately $398 million. This rise in volume follows a period of lower activity where it had previously dipped below $200 million. Additionally, analysis from Santiment also supports this observation, recording a volume of $270 million at the close of trade on 23rd June.
AMBCrypto’s analysis of Toncoin on a daily time frame chart shows a positive trend overall, despite a recent downturn in the last 24 hours. TON closed trading on 23rd June with an increase of over 2%, reaching around $7.5. However, the latest data indicates a reversal, with TON experiencing a decline of almost 3%, bringing its trading price down to approximately $7.2. The current analysis shows that TON is trading above its short moving average, with the yellow line acting as a support level at around $6.8. Although the price is still supported at a level higher than recent lows, the decline from a higher point suggests selling pressure on Toncoin, potentially causing the price to test the support level.
In terms of derivative metrics, there has been an increase in Open Interest for Toncoin over the past 24 hours, reaching almost $306 million, the highest observed in the last few months. This rise in Open Interest indicates growing engagement in derivative contracts associated with TON, signaling increased speculative activity or hedging by traders. However, despite the increased Open Interest, the market sentiment remains negative, as reflected by the weighted funding rate, which has stayed below zero and is currently around -0.015. A negative funding rate typically indicates that shorts are paying longs, suggesting more sellers than buyers in the market and an overall bearish sentiment among traders.
Overall, the recent trends in trading volume, price movement, and derivative metrics for Toncoin suggest heightened trading activity and increased speculative interest in the market. Despite the recent decline in price and negative market sentiment, the support level and historical data indicate that Toncoin may stabilize or rebound if the current support level holds. Traders and market observers will continue to monitor Toncoin closely to anticipate potential price movements and market trends in the coming days.
