- Toncoin’s price surged materially as the market recovered in the last few days.
Network growth for TON fell materially, indicating that new addresses lost interest in TON.
As a seasoned researcher with extensive experience in analyzing cryptocurrency markets, I have been closely monitoring Toncoin [TON] and its recent price movements. The last few days have brought about some significant developments for TON, with its price surging materially as the market recovered.
During the recent market downturn, Toncoin (TON) stood out as one of the most thriving cryptocurrencies without experiencing significant price declines.
TON climbs further
Toncoin saw a robust rise in value, reaching a peak of $7.44. This Telegram-supported cryptocurrency has shown significant strength, surpassing the important resistance mark at $7.40.
A surge in trading activity and upward price trends are fostering market confidence, implying that a market rebound may be in progress.
The surge in Toncoin’s price has boosted its market cap to a impressive $18 billion, firmly establishing it as the cryptocurrency with the eighth largest market value.
During the specified timeframe, there has been a notable increase in trading action for Toncoin. The volume surged by an impressive 22%, resulting in a total of $203 million being exchanged.
A significant increase in trading activity for Toncoin might be a sign of heightened interest from investors, implying greater conviction in the digital asset’s future potential.
The price dipped down to a low of $7.30 but then rose consistently, reaching a high of approximately $7.54, and subsequently stabilized with minimal fluctuations.
Over the last seven days, Toncoin underwent significant price swings. It began the week on an uncertain note, frequently challenging its $7.10 floor as pessimistic market conditions took hold.
Despite a midweek change, the market situation noticeably altered. Toncoin began a gradual climb, eventually leading to a strong surge that boosted its price to reach a peak of $7.50 for the week.
Over the past few weeks, TON didn’t show any clear trend or notable dips (lower lows) or peaks (higher highs).
The Relative Strength Index (RSI) of TON reached 50.59, indicating a moderately balanced buying and selling pressure for the token.
The Chaikin Money Flow (CMF) index for TON noticeably dropped, implying a substantial decrease in funds entering TON over the past few days.
Looking at the on-chain data
According to AMBCrypto’s interpretation of Santiment’s findings, the expansion of the TON token network experienced a noticeable decrease in recent times. This indicates a substantial drop in the number of newly formed wallets expressing interest in purchasing TON during this period.
Read Toncoin (TON) Price prediction 2024-25
This can impact the chances of TON rallying negatively.
As a researcher examining the data, I noticed that the speed at which TON was being exchanged between parties had decreased, indicating a reduction in the number of trades occurring for this cryptocurrency.
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2024-07-17 01:11