Traders Bet Against Toncoin (TON) Recovery as Price Drops Under $5
In Brief
- Coinglass reveals that most Toncoin traders have opted to short the altcoin after its recent decline.
- On-chain data shows an increase in dormant TON tokens, indicating that a rebound is not close by.
- TON’s price currently trades below the 20 and 50 EMAs, suggesting that it could slide to $4.46.
On November 1, Toncoin (TON) price slipped below $5 after holding the line for several days. Following this drop, traders are betting on further declines, reflecting broader market sentiment as Bitcoin (BTC) and other cryptocurrencies have also faced recent losses.
However, in TON’s case, this analysis suggests that a recovery may remain challenging, even if the broader market rebounds.
Toncoin Market Sentiment Shifts Bearish
Derivatives information portal Coinglass shows that Toncoin’s Long/Short ratio has dropped to 0.88. The Long/Short ratio is a metric used to assess the balance between long-positioned traders (buyers) and shorts (sellers) in the market.
When the Long/Short ratio is above 1, it indicates more long positions than short, suggesting that most traders anticipate a price increase. Conversely, a ratio below 1 indicates more shorts, implying a bearish outlook.
According to analysis, 53% of Toncoin traders with open positions are going short, while about 47% are long. This distribution reflects a generally bearish sentiment around the altcoin.
Furthermore, there seems to be a strong rationale behind traders’ positions. On-chain data from Santiment reveals a substantial increase in the Mean Dollar Invested Age (MDIA)—the average age of all tokens on a blockchain, weighted by purchase price.
Get to know Godleak
Godleak crypto signal is a service which provide profitable crypto and forex signals for trading. Godleak tried to provide you signals of best crypto vip channels in the world.
It means that you don’t need to buy individual crypto signal vip channels that have expensive prices. We bought all for you and provide you the signals with bot on telegram without even a second of delay.
Godleak crypto leak service have multiple advantages in comparision with other services:
- Providing signal of +160 best crypto vip channels in the world
- Using high tech bot to forward signals
- Without even a second of delay
- Joining in +160 separated channels on telegram
- 1 month, 3 months , 6 months and yearly plans
- Also we have trial to test our services before you pay for anything
For joining Godleak and get more information about us only need to follow godleak bot on telegram and can have access to our free vip channels. click on link bellow and press start button to see all features
Join for Free
☟☟☟☟☟
https://t.me/Godleakbot
Also you can check the list of available vip signal channels in the bot. by pressing Channels button.
 
A declining MDIA typically indicates active movement of tokens, which can boost the chances of a price surge.
However, the recent rise in MDIA suggests that most TON tokens have remained dormant. If this trend continues, Toncoin’s price could struggle to gain upward momentum.
TON Price Prediction: No Bounce Yet
Toncoin’s price as of this writing is $4.87. According to the daily chart, the altcoin fell below the threshold due to a lack of buying volume. Following this, TON has dropped below the key Exponential Moving Averages (EMAs).
A rising EMA generally backs an uptrend, acting as a dynamic support level, while a falling EMA often serves as resistance, hindering upward movement.
As seen below, TON’s price is below the 20 (blue) and 50 (yellow) EMAs. This indicates that the trend around Toncoin is bearish, and the price is likely to keep dropping. Should that be the case, then the altcoin might decline to $4.46, making most Toncoin traders profitable.
On the other hand, if the cryptocurrency retests the 23.6% Fibonacci retracement level, the price might bounce to $6.20.
