Logo
Cardano Ecosystem

CryptosHeadlines

07/07/2024

·

79 views


Toncoin’s 24-Hour Performance: Is a Rally Coming?

Toncoin has recovered from the heavy declines it experienced in the past few days and is now showing signs of a bullish trend. Toncoin (TON) was hit by the broader market downturn and entered a bearish trend....

Toncoin’s 24-Hour Performance: Is a Rally Coming?

Toncoin has recovered from the heavy declines it experienced in the past few days and is now showing signs of a bullish trend.

Toncoin (TON) was hit by the broader market downturn and entered a bearish trend. However, in the last 24 hours, TON’s price has bounced back, becoming one of the day’s top gainers. This price recovery is also accompanied by a rise in trading volume, showing increased market activity.

Toncoin (TON) Shows Signs of Recovery After Recent Decline

Toncoin experienced a sharp drop on July 4th, losing over 9% of its value and closing the trading day at approximately $7.10. This steep decline followed a rapid price increase that had nearly reached its all-time high (ATH). During this drop, the Relative Strength Index (RSI), a key market momentum indicator, fell below the neutral 50 mark, signaling a bearish trend.

However, market dynamics for TON have shifted since then. As of the latest update, TON is trading at around $7.50, reflecting an increase of over 4%. This follows a previous session where the price gained over 1%, rising to approximately $7.20.

Source: TradingView

Further analysis shows that the RSI has climbed slightly above the neutral line, suggesting that TON has entered a weak bullish trend. This modest recovery in the RSI, along with recent price increases, indicates potential stabilization or gradual recovery in Toncoin’s market activity.

Toncoin’s Trading Volume Surges, Aligning with Price Movements

Analysis of Toncoin’s trading volume from Santiment revealed a strong correlation with its price movements. On July 5th, the trading volume surged to over $750 million, reaching levels not seen in more than a month.

Source: Santiment

This marked the first time since early June that such high volumes were recorded. As of the latest update, the trading volume remains elevated, exceeding $500 million.

Increased Trading Volume Indicates Strong Buying Pressure for Toncoin

The current price trajectory of Toncoin suggests that the recent surge in trading volume is largely driven by buyers, signaling strong buying pressure.

This influx of buy-side activity is the main factor pushing Toncoin’s price higher. A significant rise in buying interest often reflects growing investor confidence in the asset.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Join Cryptos Headlines Community

Follow Cryptos Headlines on Google News

  • Salim

    "Salim is a news writer at CryptosHeadlines who creates excellent, well-optimized content to ensure user satisfaction. He is skilled in forecasting News About Cryptocurrency Market & blockchain Industry."

    View all posts

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on CryptosHeadlines

ORIGINAL SOURCE

https://cryptosheadlines.com/toncoins-24...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Rare Evo: A Blockchain Event

More from CryptosHeadlines

See more
Cardano Founder Hoskinson Counters Buterin on Crypto Politics
CryptosHeadlines
Cardano Founder Hoskinson Counters Buterin on Crypto Politics

today at 10:54 AM

·

14 views

Related News

See more

Argentina Digital Nation 2024
Rare Evo: A Blockchain Event
Argentina Digital Nation 2024

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)