- TON’s price has increased by over 30% in the past 7 days.
- Readings from the altcoin’s chart revealed that the rally may be sustained in the short term.
Toncoin’s [TON] value has spiked by double digits in the past 24 hours amid the bullish sentiment trailing the altcoin following the move by Ton Foundation to distribute 30 million TON through its Open League initiative.
At press time, TON exchanged hands at $4.80. With an 11% price growth in the last 24 hours, the altcoin ranked as the cryptocurrency asset with the most gains during that period, per CoinMarketCap’s data.
In a blog post published on 20th March, the Ton Foundation announced the commencement of the first full season of The Open League. In this League, TON-based projects will vie for rewards, and the network’s users will earn rewards for their on-chain activity.
The event will see the distribution of 30 million TON valued at $115 million to participants.
Since the announcement, TON’s value has risen by 31%, extending its seven-day gains in a period where major coins are witnessing price declines.
Will this rally be short-lived?
AMBCrypto’s assessment of TON’s price performance on a single-day chart revealed the strong presence of bullish sentiment required to sustain the current rally.
For example, since the commencement of The Open League, TON’s Awesome Oscillator has posted green upward-facing histogram bars.
This indicator measures market trends and momentum. When its bars are green and facing upwards, it indicates a rise in bullish momentum as the short-term moving average is rising faster than the long-term moving average.
This happens when an asset sees strong buying pressure. Traders often interpret this as a sign to enter long positions.
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Confirming the surge in TON buying pressure, its Chaikin Money Flow (CMF) trended upward to return a value of 0.30 at press time. A positive CMF value is a sign of strength in the market. It suggests the inflow of liquidity needed to sustain price growth.
Likewise, the altcoin’s Relative Strength Index (RSI) and Money Flow Index (MFI) were 74.78 and 73.76, respectively. These values showed that TON investors favored accumulation over distribution.
Source: TradingView
