Altcoin
Toncoin’s 24-hour turnaround: Is TON on track for a rally?
Toncoin has seen a good move in the last 24 hours as traders took advantage of the recent declines.
- Toncoin recovered from the heavy declines it saw in the last few days.
- TON is now in a bull trend.
Toncoin [TON] was affected by the broader market downturn, entering a bearish trend. However, there has been a notable change in the last 24 hours, with TON’s price experiencing a rebound, making it one of the daily gainers.
This recovery in price is accompanied by an increase in trading volume, indicating a pickup in market activity.
The TON-around
AMBCrypto’s analysis of Toncoin on a daily time frame chart highlighted a significant market movement recently.
Toncoin experienced a sharp drop on 4th July, losing over 9% of its value and closing the trading day at approximately $7.1. This steep decline came shortly after it approached its all-time high (ATH) following a rapid price increase.
The Relative Strength Index (RSI), a key indicator of market momentum, dropped below the neutral 50 mark due to this price decline, suggesting a bearish trend at that time.
However, the market dynamics for TON have since shifted slightly. As of this writing, it was trading at around $7.5, marking an increase of over 4%. This followed a previous session’s gain of over 1%, which brought its price up to around $7.2.
Source: TradingView
Further analysis of the RSI showed that it has now climbed slightly above the neutral line. This indicated that TON had entered a bull trend, although this trend is still considered weak.
This modest recovery in the RSI, coupled with the recent price increases, suggests a potential stabilization or gradual recovery in Toncoin’s market activity.
Toncoin spot volume gains momentum
Analysis of Toncoin’s trading volume from Santiment indicated a significant alignment with its price movements.
On 5th July, the volume surged to over $750 million. This marked the first time in more than a month that such high levels were reached. Analysis showed that such volumes were not observed at any point in 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
The current price trajectory suggests that this increased volume is predominantly driven by buyers, indicating strong buying pressure.
This influx of buy-side activity is the primary force pushing Toncoin’s price upward. Such a notable rise in buying interest can often signify growing investor confidence.
