Altcoin
Toncoin outlook: Can TON hit $8 price target this week?
Riding the wave of a recent market recovery, Toncoin’s value surged significantly in the last few days.
- 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.
Toncoin [TON] was one of the most successful tokens amidst the market drawdown and did not witness any major corrections during this period.
TON climbs further
Toncoin was experiencing a bullish surge, with its price climbing to $7.44. The Telegram-based altcoin has demonstrated strong upward momentum, trading above the crucial $7.40 support level.
Increased trading volume and positive price action have fueled market optimism, suggesting that a potential market recovery is underway.
This positive price movement has propelled Toncoin’s market capitalization to $18 billion, solidifying its position as the eighth-largest cryptocurrency by market value.
Toncoin has witnessed a significant uptick in trading activity, with volume soaring by 22% to reach $203 million during the same period.
This surge in trading volume could signal a growing appetite for the asset among investors, potentially indicating increased confidence in Toncoin’s future prospects.
After hitting a low of $7.30, the price climbed steadily to a peak of around $7.54 before consolidating its gains.
Toncoin experienced a rollercoaster ride over the past week, with prices fluctuating dramatically. The coin kicked off the week on a shaky note, repeatedly testing the $7.10 support level as bearish sentiment prevailed.
However, a midweek turnaround marked a significant shift in market dynamics. Toncoin embarked on a steady ascent, culminating in a robust rally that propelled its value to a weekly high of $7.50.
There was no significant pattern established by TON over the last few weeks, with no lower lows or higher highs seen.
The RSI (Relative Strength Index) for TON rose to 50.59, signifying that the bullish momentum around the token was relatively neutral.
The CMF (Chaikin Money Flow) for TON declined significantly indicating that the money flowing into TON decreased materially in the last few days.
Source: Trading View
Looking at the on-chain data
AMBCrypto’s analysis of Santiment’s data revealed that the network growth for the TON token fell materially in the last few days. It suggests that the number of new addresses interested in buying TON declined significantly over the last few days.
Read Toncoin (TON) Price prediction 2024-25
This can impact the chances of TON rallying negatively.
Moreover, the velocity at which TON was trading at had also declined, implying that the frequency at which TON was trading at had fallen.
Source: Santiment
