- Ton trading volume soars by 154% as prices increase amidst buying interest.
- Analyst eye a breakout for a rally to $10.
As a seasoned crypto investor with a knack for spotting promising altcoins, I find myself drawn to Toncoin [TON] following its impressive price movement and surge in trading volume. With analysts like Vlad Hrynive predicting a rally to $10, it’s hard not to get excited about the potential returns this altcoin could bring.
The latest price fluctuations of Toncoin [TON] have sparked interest among analysts who are anticipating a significant surge ahead. The positive trend of Ton suggests a prolonged rise according to their predictions.
In the same vein, crypto expert Vlad Hrynive anticipates reaching a fresh record peak of $10. On his analysis posted on X page, he emphasizes this potential increase.
“Right now, this digital currency called an ‘altcoin’ is being traded at approximately $7.06, and there’s been an increase in its trading activity. If this upward trend continues for the altcoin, it could potentially reach $7.60 and even $8. With further momentum, it might aim for $10.”
Based on expert analysis, if the altcoin continues its upward trend, this could signal a ‘bull run’ as it has formed an ‘engulfing candle’ following a breakout. In simpler terms, the analysts believe that due to the altcoin’s price pattern, it may experience a prolonged increase in value, often referred to as a ‘bull run.’
Toncoin trading volume soars amid increased adoption
This positive market sentiment arises from a sudden surge in trading volume. As of this writing, Toncoin trading volume has surged by 154% to $464.9 million.
According to Coinglass, the trading volume has risen significantly over the last day, going from $242.5 million to $270.8 million.
Significantly, the addition of Binance as a listing has propelled both the price and trading activity of the coin. Furthermore, the Binance launch pool and super earn event have brought Ton to the attention of numerous users, thereby boosting its user base.
In the bustling world of trading, there’s a significant surge of interest due to the $64 million in potential earnings associated with Ton. This influx of traders has been instrumental in shaping a beneficial market environment around Ton.
What Ton price charts indicate
As I write this, I find myself holding Toncoin at a price of $6.96, following a robust 7.79% increase in its value over the past 24 hours. Moreover, if we take a broader look at the past week, Toncoin has demonstrated impressive growth, with a remarkable 13.5% surge.
As a researcher, I’m observing an uptrend in the short term for Ton, where the latest high points have surpassed the recent lows, suggesting a temporary growth trajectory.
In simpler terms, the Relative Strength Index (RSI) currently stands at 56, meaning Ton is encountering more demand from buyers compared to sellers. This positive sign could imply opportunities for further profits, assuming the current market trends persist.
Furthermore, with an Advance Decline Ratio of 1.93, it’s clear that there’s a higher volume of purchases than sell-offs in the crypto market, suggesting heightened buying activity.
Upon closer examination, our study of Coinglass reveals a decrease in the liquidation of long positions during the last seven days. Currently, the liquidation for these long positions stands at approximately $59,000, having dropped from an initial $400,000.
This shows investors are confident about altcoin’s direction.
In summary, IntoTheBlock’s data indicates a higher inflow than outflow among large cryptocurrency holders, with the current netflow standing at approximately 278,200 tons.
A larger influx suggests that whales have faith in the ongoing trend and plan to hold on to their positions for potential gains in the future.
Given the present trend, it’s clear that Ton is right now moving within an ascending wedge formation. If the current market situation persists, this altcoin could shatter this pattern. If it does, Ton might overcome the $8.2 resistance level, reaching a new all-time high (ATH) around $9.02.
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2024-08-20 07:04