Short Traders Maintain Bearish Positions on Toncoin Despite Price Gains

Toncoin Price Surge Signals Bearish Sentiment Among Short Traders

Recent price gains in Toncoin (TON), a cryptocurrency associated with the Telegram messaging app, have caught the attention of investors. However, despite the positive price momentum, short traders are maintaining their positions, indicating a bearish sentiment in the market.

Short Traders Holding Firm

As of press time, TON is trading at $6.27, marking a nearly 20% increase in value over the past week. Despite this uptrend, many traders are continuing to build short positions in anticipation of further gains in the futures market. The negative funding rates for TON on various cryptocurrency exchanges reinforce this bearish outlook.

The funding rate for TON currently stands at -0.028%, with Santiment data showing consistently negative rates since June 13. This trend indicates that a majority of traders are expecting the price of TON to decline in the near future.

Negative funding rates suggest that more traders are holding short positions, reflecting a bearish market sentiment. The decline in whale holdings of TON further supports this outlook, with net inflows from large TON holders dropping by over 250% in the last month, according to data from IntotheBlock.

TON Price Prediction: Bearish Cloud Looms

Despite the recent price surge, the Ichimoku Cloud analysis indicates a bearish outlook for TON. The current price of TON is below the Ichimoku Cloud, suggesting a downward trend in the market.

If the bearish sentiment persists, TON’s price could potentially drop to $5.57, providing an opportunity for short traders to profit. However, a surge in demand could push the price up to $6.51, leading to the liquidation of some short positions.

Overall, the market sentiment for TON remains bearish, with short traders maintaining their positions in anticipation of a price decline.