Altcoin
Toncoin price prediction: Here’s what to expect after the latest ATH
After reaching its peak, TON’s price movement decelerated.
- TON’s price movement slowed down after reaching its all time high.
- Network growth and velocity around the token fell.
Due to its rising popularity, the Toncoin [TON] network managed to amass a large amount of users, causing the overall interest in TON token to rise.
TON rallies
It wasn’t just the activity on the TON network that surged, but its price grew as well. Recently, it attained its ATH (all time high) of $8.24. At press time, TON was trading 5.76% below its ATH.
The significant surge in price has made investors extremely optimistic about TON’s future. If TON manages to retest its $8.24 resistance, there maybe a chance of a new ATH being achieved by the token as well.
Since the beginning of May, the price of TON has gone on an upward trajectory. During this period, the price of TON showed multiple higher highs and higher lows, indicative of a bullish trend.
Despite the bullish signs showcased by TON, the indicators told a different story.
The RSI (Relative Strength Index) for TON declined significantly and fell below the 49.51 level. This meant that the bullish momentum around the TON token was depleting at the time of writing.
Moreover, the CMF (Chaikin Money Flow) has also started to fall, indicating that the money flowing into TON had slowed down.
Additionally, the Awesome Oscillator(AO) remained high. A rising AO suggests that buying pressure is increasing in the market.
Source: Trading View
Looking at the onchain data
AMBCrypto’s analysis of Santiment’s data also revealed that the network growth around TON declined significantly, implying that the number of new addresses willing to buy TON at the current rate was relatively low.
Moreover, the velocity at which TON was trading at fell, signifying that the frequency with which TON was trading declined materially in the last few days.
Source: Santiment
Even though the future of the TON token seems uncertain, the Ton network saw significant growth.
Since Tether launched directly on the Ton network in April, USDT’s circulating quantity has increased significantly. It has risen to $580 million, representing a staggering 76% increase in only one month.
Is your portfolio green? Check the TON Profit Calculator
This significant increase in USDT has moved TON to the forefront of stablecoin acceptance, confirming its status as the sixth biggest network for USDT circulation.
Furthermore, the Ton network saw a surge in user activity. Daily active users increased by 300% over this time period, hitting an all-time high of 632,000.
