TON Price Plateaus as Derivatives Market Overwhelms Spot Confidence

TON is currently trading at $1.60, but its momentum has flatlined, and derivatives traders are overleveraged long.

The tape is lying to longs, with price sandwiched below both its 20-day and 50-day moving averages at $1.64 and $1.78 respectively.

Buyers are hesitating at every minor rip, and the spot market isn't confirming the confidence of the derivatives crowd.

The Binance futures funding rate is sitting at a highly elevated +0.3538% per 8-hour period, indicating that longs are paying shorts at an extreme rate.