On January 18th, Friday, the Toncoin price showed a 2.2% uptick to reach the current trading price of $5.9. This bullish momentum appears to be driven by heightened market interest surrounding Donald Trump’s upcoming presidential inauguration. However, will TON crypto capitalize on the broader market sentiment, or will concerns over centralization hinder its recovery potential?
Currently, the TON price market cap stands at $13.9 Billion, while the 24-hour trading volume is at $184.2 Million.
Key Highlights:
- A descending triangle pattern drives the current correction in Toncoin price.
- The long-tail rejection candle at the $4.6-$5 price range indicates a strong accumulation zone for crypto buyers.
- A flattish movement 100-and-200-day exponential moving average signals the broader market trend is sideways.
91% of TON Tokens Concentrated in Few Wallets
Recent data from IntoTheBlock reveals that an overwhelming 91% of TON tokens are held by a select few wallets, highlighting a significant concentration of ownership within the ecosystem. This finding raises questions about the decentralization of the TON token network, as such centralization could grant disproportionate influence to a handful of holders.
While concentrated holdings often reflect strong confidence from major investors or early adopters, they can also present risks, including the potential for price manipulation or market volatility if large amounts of tokens are moved or sold.
If the Toncoin price maintains a history of no such record of major movement from the influence of major holders, the asset could retain sustained recovery and bullish market sentiment.
Toncoin Price Eyes Major Breakout From Triangle Setup
Over the past six weeks, the Toncoin price has shown a notable correction from $7.19 to $5.6— registering a loss of 22%. This downswing when analyses in the daily chart show a prolonged consolidation since April 2024 amid the formation of a descending trendline.
Theoretically, the pattern shows a downswing trendline as dynamic resistance and stable support at $4.6. The long-wick rejection candles from the $5-$4.6 range hint the buyers are actively defending this support for a potential reversal.
Amid the broader market recovery, the Toncoin price could surge 8.3% to surpass the immediate resistance of $6 before challenging the pattern’s resistance. A potential breakout of the overhead trendline will intensify the buying pressure for a rally past $8, followed by $10.
On a contrary note, the TON price could extend the current correction until the seller defends the dynamic resistance.
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