Ton price was in an uptrend, staying above the 50-day and 200-day EMA on the daily chart. TON chart shows low-momentum candles in the last few sessions, signifying consolidation.
Impact of Supply Activity in Toncoin!
TONCoin made changes to its tokenomics: locked supply was removed from the circulating supply but will still be counted in the total supply. This change caused the market cap to drop.
The number of TON coins circulating in the market and public hands is $2.411 Billion. As per the post by Phil on X, the TON corrected its circulating supply, which reduced the market cap by nearly $7 Billion without affecting its price.
So $TON corrected their circulating supply which reduced the markte cap by 7b without effecting the price.
— Phil (@SLFMR1) May 29, 2024
Does this mean they reported wrong numbers to get into the top 10 in the first place and never flipped #Cardano?
That‘s marketing guys. pic.twitter.com/OytAazerfT
The self-reported supply was 3.414 Billion, corresponding to a market cap of $22 Billion and after the update, market cap fell by $7 Billion. At press time, the TON price was $6.42. At press time, circulating supply stood at 2.411 Billion post updation, taking the market cap to $15.488 Billion.
Despite this big market cap correction, TON did not fluctuate or fall on the daily chart reflecting stability and trust.
This chart exhibits the contrast between the volatility, market cap, and volume in the TON. TON has witnessed a fall in market cap, however, volatility fell sharply.
What Does TON Supply Distribution Highlight?
The latest supply distribution highlights that both retailers and large investors have strong confidence in TON crypto.
The number of TON addresses shows an increase in all types of holders, whether they have low or high coin holdings.
Can TON Coin Smash the $10 Level?
Mister Crypto noted that TON’s break-out appears imminent out of a symmetrical triangle pattern on the daily chart.
A huge $TON breakout is imminent! pic.twitter.com/IsSQbGOBbg
— Mister Crypto (@misterrcrypto) May 29, 2024
Similarly, based on the analyst tweet, the TON asset daily chart also shows bullish gestures. Likewise, the MACD line with an anticipated bullish cross is above zero, and the RSI flashed at 55.41.
Therefore, if the breakout occurs, the next goal for the TON price could be to reach the above levels, such as $7.00 and $8.0.
On the contrary, if the price continues to trade inside the pattern again, the pattern made in TON, or if the crypto price fails to stay above the $6.0 level, it could decline further toward $5.0 support.
Summary
TON price has been in an uptrend and stayed above 50-day and 200-day EMA on the daily chart. The circulating supply of TONcoin in the market has reduced after a correction that reduced the market cap by nearly $7 billion.
Despite the market cap correction, the TON price did not fluctuate, showing the coin’s stability and value. TON crypto has witnessed a decrease in market cap and volatility, indicating price stability.
Both retailers and large investors have strong confidence in TON crypto, as shown by supply distribution and an increase in the number of TON addresses. Analysts have expressed bullish sentiment on TON, with potential for a breakout and reaching price levels of $7.00 and $8.00, but also a possibility of declining towards $5.00 if the price fails to stay above $6.00.
