Ethereum’s Ripple effect – Toncoin flips Cardano to hit $7 ATH

    TON has reached a new all-time high.
    Key technical indicators suggest that TON’s price may continue to rise in the short term.

The trading buzz around Toncoin (TON), the cryptocurrency connected to Telegram’s famous messaging platform, has led to its market value exceeding that of Cardano, according to CoinMarketCap’s latest figures.

At present, the value of TON coin has reached a new peak, with each token being bought for $7. Over the last week, TON‘s price surged by 36%. In just the previous day, there was a significant increase of 28% in its price, and an astonishing 578% rise in trading volume.

Ethereum’s Ripple effect – Toncoin flips Cardano to hit $7 ATH

On X’s latest post, Santiment, a well-known on-chain data provider, pointed out that TON‘s price increase and the rise of other ERC-20 assets over the last week can be attributed to Ethereum‘s [ETH] significant price surge. According to CoinMarketCap, Ethereum has experienced a 10% price growth during this period.

Will TON maintain this momentum in the short term?

Based on an analysis of TON‘s price trend using a one-day chart, AMBCrypto identified several technical signals suggesting a prolonged price increase could occur.

The Aroon Up Line of TON‘s Aroon indicator, represented by the orange line, reached 100% in the current update. This indicator assesses an asset’s trend power and signals possible turning points.

If the Aroon Up line’s value is nearly at 100, this signifies a robust uptrend, meaning the latest peak was achieved not long ago.

Another indication of the bullish outlook for TON is that its Elder-Ray Index has consistently been positive since February 28th. This upward trend continued even as the larger crypto market encountered challenges in March.

The indicator measures how much influence buyers and sellers have in the market. A positive value signifies that buyers hold more power currently.

Additionally, at the current moment, the Parabolic SAR indicator’s dotted lines were situated beneath TON‘s price, depicted by solid lines.

Read Toncoin’s [TON] Price Prediction 2024-25

During the period from the 2nd to the 7th of April, the price of the altcoin was briefly higher than these points. However, currently, these points are sitting below the altcoin’s price.

This metric identifies possible turning points in an asset’s price movement. When the dotted lines sit below the asset’s price, it suggests a bullish outlook. It implies that the asset’s price is likely to keep rising. For traders, this is a signal to buy and consider closing short positions.

Ethereum’s Ripple effect – Toncoin flips Cardano to hit $7 ATH

Read More

2024-04-09 22:15