Journalist
- TON is at a record high.
- The key technical indicators indicate that TON may continue to increase in price over the next few months.
Increased trading activities around Toncoin [TON]The market cap of Telegram, the popular messaging application, is now higher than that for Cardan, CoinMarketCap’s Data has been shown.
At the time of writing this article, TON was trading at an all-time record high. Altcoins traded at $7 and logged a price increase of 36% in the past seven days. TON has seen its price rise by 28 percent in the last 24 hours. Trading volume also increased by 578%.
Santiment
Santiment, a provider of on-chain data on X noted in a recent post that the increase in TON and other ERC-20 tokens in the past week was due to the boom in Ethereum’s [ETH] value. CoinMarketCap is the largest cryptocurrency market. altcoin’s Price has risen by 10% over the last seven days.
Can TON sustain this momentum over the next few months?
AMBCrypto analyzed TON’s 1-day price chart, and discovered that the key technical indicators pointed to a possible sustained price rise.
As of the time this article was written, TON’s Aroon Up Line orange (orange line) had reached 100%. The Aroon indicator of an asset measures the strength of its current trend and pinpoints possible reversal areas.
If the Aroon Up Line is near 100, this indicates a strong uptrend and the recent highest point was relatively recent.
TON’s Elder-Ray Index also confirmed the trend of bullishness. Since 28th February the indicator only showed positive values, even though the cryptocurrency market experienced headwinds in March.
This indicator measures the relative strength between buyers and sellers on the market. If its value is high, bulls are dominating the market.
At the time of press, the dotted line indicator for TON was also below its current price.
You can read more about it here Toncoin’s [TON] Price Prediction 2024-25
These dots are now below the price of the altcoin.
The indicator is used to measure the possible reversal of an asset’s direction. It is considered a positive signal when its dotted line rests under the asset price. This confirms the price of an asset will keep its upward trend. This is interpreted by traders as an indication to enter long positions and exit short ones.
TradeView: Source for TON/USDT