- Increase in Activity and Trading Volumes
- Impact of Announcements and Partnerships
- Analysts' Analysis and Forecasts
Toncoin (TON) has experienced significant upward momentum, trading at $6.92, following a 6.34% surge over the past 24 hours and a notable 139% increase in trading volume during the same period.
Increase in Activity and Trading Volumes
Over the past week, TON has shown a 13% rise, reaching a 24-day high of $7.246. On-chain metrics indicate a steady rise in daily active addresses since mid-July, demonstrating potential sustained demand and adoption. The 30-day MVRV is positive, suggesting that profit-taking activities might continue.
Impact of Announcements and Partnerships
This price increase aligns with Binance’s recent announcement of adding Toncoin to its Launchpool platform. The bullish trend is further supported by The Open Network’s strategic partnership with Pyth Network, aimed at providing high-fidelity data to developers on the TON network. Analysts forecast that the current accumulation phase might precede significant price breakouts.
Analysts' Analysis and Forecasts
Analysts remain optimistic about Toncoin’s prospects. According to IntoTheBlock, the increase in large transactions indicates the entry of major players into the market. With 65.12% of TON addresses still 'in the money,' many investors remain profitable. The current RSI is at 55, indicating a neutral market position.
Looking ahead, Toncoin is currently supported by the 9-day EMA at $6.611. Should the bullish momentum persist, the coin could rise to $7.454 or potentially $8.00. However, if the bearish trend continues, Toncoin might retrace to $5.40 or even as low as $4.70. As it navigates these volatile market conditions, Toncoin’s future remains uncertain.
Comments