- TON fell from the $6 price level on the charts
TON’s volume maintained its uptrend though
As a seasoned researcher with years of experience navigating the cryptocurrency market, I find the recent developments surrounding The Open Network (TON) quite intriguing. The surge in social volume and trading volume, coupled with the launch of Hamster Kombat’s coin minting event, has positioned TON as a trending asset within the market.
Lately, The Open Network (TON) has seen a significant increase in social activity, partly due to the introduction of coin minting within its mini-app, Hamster Kombat. This increased interest has placed TON among the popular cryptocurrencies currently trending in the market. Market signals suggest both positive and negative outlooks for the value of this asset.
TON’s social volume on the rise
According to data from Santiment, the social activity surrounding Toncoin surpassed 400 during the past two trading periods. This marked a notable increase, as it had stayed below this threshold for quite some time previously.
Although it’s not a massive increase, this rise is nonetheless significant and indicative of a rising trend within the network.
The analysis conducted further showed that TON is presently the seventh-most popular token, according to Santiment’s trends. Nevertheless, the sentiment analysis revealed that the majority of the trend was driven by negative opinions.
The recent launch of Hamster Kombat’s new coins and the price changes in TON have made it a hot topic among trending assets.)
Toncoin’s latest price movement
Currently, Toncoin is being exchanged for approximately $5.933. This comes after a small drop of 0.79%. At this moment, the 50-day moving average, represented by the yellow line, stands at around $5.755, while the 200-day moving average, denoted by the blue line, is sitting at about $6.209.
As a crypto investor, I’ve noticed a recent surge in the price that has pushed it above the 50-day moving average. However, it still lingers below the 200-day moving average, which could be indicating a temporary bullish flip within an extended bearish market run.
Technical indicators
In simpler terms, when the dotted lines are located beneath the price, it suggests a bullish trend is in progress. This indicates that buyers hold the upper hand, and the positive momentum could persist as long as the Parabolic Stop and Reverse (SAR) continues to support this trend.
Average True Range (ATR), currently at 0.302, suggests a moderately volatile market situation. A decrease in the ATR might signal a more predictable price pattern with reduced fluctuations.
Bull and bear scenarios for Toncoin
If TON manages to stay above its 50-day Moving Average and move towards the 200-day MA at $6.209, it could suggest a stronger upward trend is in play. Crossing above the 200-day MA would be a powerful bullish indication, possibly drawing more investors and propelling the price upwards.
Instead, if TON fails to push through the 200-day Moving Average and consistently falls below the 50-day Moving Average, it could potentially drop to the $5.50 price level or even lower. Under such conditions, the earlier downward trend might restart as selling pressure overpowers buying interest.
Hike in Toncoin’s volume and TVL
To sum up, data from DefiLlama shows an increase in Toncoin’s trading volume over the past week. The volume has climbed significantly, moving from approximately $21 million to more than $38 million. Furthermore, there’s been a slight rise in Total Value Locked (TVL), with the current value standing at around $439 million as of press time, marking an increase of roughly $10 million in recent days.
– Read Toncoin (TON) Price Prediction 2024-25
As the popularity of Hamster Kombat’s coin minting grows, we might expect trading volume to keep rising. If the positive outlook for TON comes true, this could lead to even more growth in Total Value Locked (TVL). This would indicate a surge in investor attention and funds flowing into the network.
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2024-09-28 23:04