- TON’s price movement slowed down after reaching its all time high.
Network growth and velocity around the token fell.
As a researcher with experience in analyzing cryptocurrency markets and networks, I have been closely monitoring the TON ecosystem. The recent price surge of TON to its all-time high (ATH) of $8.24 was an exciting development for investors, but I’ve noticed some concerning trends that may indicate a potential shift in market sentiment.
The growing number of users on the Toncoin (TON) network has led to increased attention and demand for the TON token.
TON rallies
The activity on the TON network wasn’t the only thing that saw a surge recently, but its price reached new heights as well. In fact, it hit an all-time high of $8.24. However, at the moment of writing, TON was trading 5.76% lower than that peak price.
The substantial increase in TON‘s price has left investors feeling very hopeful about the token’s future prospects. If TON can break through its previous resistance at $8.24 once more, it may set the stage for a new all-time high record for the token as well.
Starting from early May, TON‘s price has been steadily increasing. This trend is evident in the repeated formation of new price highs, followed by even higher subsequent lows – a clear sign of a bull market for TON.
Despite the bullish signs showcased by TON, the indicators told a different story.
At the point of observation, the TON‘s RSI (Relative Strength Index) noticeably dropped and dipped beneath the 49.51 mark. Consequently, the bullish energy driving the price of the TON token was waning.
As a crypto investor, I’ve noticed that the Chaikin Money Flow (CMF) for TON has taken a turn for the worse. This indicator suggests that the amount of money flowing into TON has decelerated.
As an analyst, I’ve observed that the Awesome Oscillator (AO) continued to remain elevated. This upward trend in the AO indicates a strengthening buying pressure within the market.
Looking at the onchain data
According to AMBCrypto’s interpretation of Santiment’s findings, there has been a noticeable decrease in network expansion surrounding TON. This observation suggests that the demand for purchasing TON at its present price may not be strong among new addresses.
Additionally, the pace at which TON was exchanged decreased significantly, indicating a notable drop in its trading activity over the past few days.
Even though the future of the TON token seems uncertain, the Ton network saw significant growth.
As a researcher studying the digital currency market, I’ve noticed an impressive growth in the circulation of Tether (USDT) since its launch on the Ton network in April. In just one month, the circulating quantity has jumped from previous levels to an astonishing $580 million – a 76% increase.
Is your portfolio green? Check the TON Profit Calculator
The substantial growth in the usage of USDT on the TON network has propelled it into prominence, underscoring its position as the sixth largest platform for circulating this popular stablecoin.
The Ton network experienced a significant boost in usage. In this time frame, the number of daily active users jumped by an astounding 300%, reaching a record peak of 632,000.
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2024-06-18 03:03