As an analyst with experience in cryptocurrency market analysis, I have closely observed Toncoin’s [TON] recent price movements and market dynamics. Toncoin was significantly impacted by the broader market downturn, entering a bearish trend. However, the last 24 hours have brought about a notable change as TON experienced a rebound, making it one of the daily gainers.
The cryptocurrency Toncoin [TON] took a hit from the overall market slump and shifted into a bearish phase. Yet, within the past 24 hours, there has been a significant shift as TON’s price bounced back, making it one of the coins that gained value daily.
The price rebound is coinciding with a rise in trading volume, suggesting heightened market engagement.
The TON-around
Recently, AMBCrypto’s examination of Toncoin’s daily chart revealed a notable shift in the market.
On the Fourth of July, Toncoin underwent a significant downturn, shedding more than 9% of its worth and ending the trading day around $7.1. This marked decline occurred not long after the cryptocurrency nearly reached its all-time peak (ATH), which it had attained following a swift price rise.
In simpler terms, when the Price Decline caused the RSI, a significant market momentum indicator, to fall beneath the 50-mark threshold, it was an indication of a potential bearish trend.
I’ve noticed some changes in the market trend for TON lately. At the moment, it’s trading at approximately $7.5, representing a nearly 4% rise from its previous price. This uptick came after a 1% increase during the previous session, pushing its value to around $7.2.
The RSI analysis revealed a slight upward shift for TON‘s indicator, placing it above the neutral threshold. This signifies a potential bullish trend for TON, albeit a fragile one at present.
The RSI’s slight improvement, combined with rising prices, indicates a possible halt or gentle revival in Toncoin’s market dynamics.
Toncoin spot volume gains momentum
The trading volume analysis of Toncoin conducted by Santiment revealed a strong correlation with the cryptocurrency’s price fluctuations.
On the fifth of July, the trading volume exceeded $750 million for the first time in over a month. Previously unseen volumes had not been recorded during the entire month of June.
As of this writing, the trading volume was over $500 million.
Read Toncoin (TON) Price prediction 2024-25
What the increased Toncoin volume could mean
Based on the current trend, it appears that the majority of the volume surge is due to purchasing activity rather than selling, signaling robust demand from buyers.
The surge in buy-side actions is the main reason for Toncoin’s price increase. A significant uptick in purchasing intent can frequently indicate heightened investor trust.
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2024-07-07 10:15