CoinDesk Report:
Toncoin (TON) has recovered from significant declines in recent days. TON is now in a bullish trend.
Toncoin [TON], influenced by broader market downturns, had been trending downwards. However, there has been a notable shift in the past 24 hours, with TON’s price rebounding and becoming one of the day’s highest gainers.
The price recovery is accompanied by increased trading volumes, indicating a resurgence in market activity.
Around Toncoin
AMBCrypto’s analysis of Toncoin on daily timeframes highlights recent significant market volatility.
Toncoin saw a steep drop on July 4, losing over 9%, with a closing price around $7.1 on the trading day. Shortly after a rapid rise, the price approached its all-time high (ATH).
The Relative Strength Index (RSI), a key indicator of market momentum, dropped below the neutral 50 mark due to the price decline, indicating a bearish trend at the time.
However, market dynamics for TON have slightly shifted since then. At the time of writing, it is trading around $7.5, up over 4%. The previous trading day saw an increase of over 1%, pushing the price to around $7.2.
Further analysis of the RSI shows it is now slightly above the neutral line, indicating TON has entered a bullish phase, albeit one considered fragile.
The moderate recovery of the RSI, coupled with recent price increases, suggests the market activity for Toncoin may stabilize or gradually recover.
Toncoin Spot Trading Volume Momentum
Santiment’s analysis of Toncoin trading volume indicates a significant correlation with its price trends.
On July 5, trading volumes surged to over $750 million, marking the highest level in over a month. Analysis indicates no such volume observed at any point in June.
As of the time of writing, trading volumes have exceeded $500 million.
Reading Toncoin (TON) Price Forecast 2024-25
What Toncoin’s Increase in Volume Means
The current price trajectory suggests the increase in trading volume is primarily driven by buyers, indicating significant buying pressure.
This influx of buyer activity is the main force driving the rise in Toncoin’s price, often signaling increased investor confidence.