- TON has reached a brand new all-time excessive.
- Key technical indicators recommend that TON’s worth could proceed to rise within the quick time period.
The rise within the buying and selling exercise round Toncoin [TON], the cryptocurrency linked to the favored messaging app Telegram, has prompted its market capitalization to surpass that of Cardan, CoinMarketCap’s information has proven.
As of this writing, TON traded at an all-time excessive. The altcoin exchanged palms at $7, logging a 36% worth progress within the final seven days. Up to now 24 hours, TON’s worth rallied by 28%, and buying and selling quantity climbed by 578% throughout the identical interval.
In a publish on X, on-chain information supplier Santiment famous that the rise in TON’s worth and different ERC-20 belongings within the final week is as a result of surge in Ethereum’s [ETH] worth. Per CoinMarketCap, the main altcoin’s worth has grown by 10% up to now seven days.
Will TON preserve this momentum within the quick time period?
AMBCrypto assessed TON’s worth actions on a 1-day chart and located that its key technical indicators hinted at the potential for a sustained worth rally.
For instance, TON’s Aroon Up Line (orange) was noticed at 100% as of this writing. An asset’s Aroon indicator measures its development power and identifies potential reversal factors.
When the worth of its Aroon Up line is near 100, it signifies that the uptrend is powerful and that the latest excessive was reached comparatively not too long ago.
Additionally confirming the bullish development, TON’s Elder-Ray Index was constructive. The indicator has posted solely constructive values since twenty eighth February, regardless of the headwinds confronted by the final cryptocurrency market in March.
The indicator estimates the connection between the power of consumers and sellers available in the market. When its worth is constructive, it signifies that bull energy dominates the market.
Additional, the dotted strains that make up TON’s Parabolic SAR indicator rested under its worth at press time.
Learn Toncoin’s [TON] Worth Prediction 2024-25
After a quick stint above the altcoin’s worth between the 2nd and seventh of April, these dots have flipped place to be under the altcoin’s worth as of this writing.
This indicator measures the potential reversal factors in an asset’s worth route. When its dotted strains relaxation beneath an asset’s worth, it’s a bullish sign. It confirms that an asset’s worth will proceed its uptrend. Merchants interpret this as an indication to take lengthy and exit quick positions.