Toncoin Price Explodes With 17% Rally — Can TON Sustain The Momentum?

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As a seasoned crypto investor with battle-hardened nerves and a portfolio that mirrors the rollercoaster ride of the market, I must admit, the recent surge in Toncoin (TON) has caught my eye. The past week might have been a slow one for large-caps, but TON’s performance has been a beacon of hope amidst the crypto wilderness.

In recent days, Toncoin‘s price movement has stood out as a shining example in the relatively sluggish cryptocurrency market, particularly for larger assets. While Bitcoin has been grappling to reach its goal of a $100,000 valuation, digital tokens such as Toncoin (TON), Stellar (XLM), and XRP have persistently climbed higher, boasting double-digit percentage gains.

It appears that TON has started showing signs of activity following a relatively slow beginning in November. The question many investors might be pondering is — for how long can the Toncoin price maintain its bullish trend?

Is TON Price Going To Continue Upward Trend?

A CryptoQuant post titled “Quicktake” features a commentary from a user named Darkfost, who provides intriguing insights about the price trend of Toncoin in the coming weeks. Based on his analysis, the signals from the blockchain suggest a positive outlook for Toncoin’s value.

In simpler terms, we’re looking at the “90-day return rate,” a measure that shows the percentage increase or decrease in an asset’s price over the last 3 months. This metric helps us understand how the cryptocurrency has performed during this timeframe, as well as its recent trends and momentum.

Based on information from CryptoQuant, the return on Toncoin over the past 90 days has recently become positive due to an increase in its price. Historically, when this specific indicator changes to a positive value, the subsequent price trend often exhibits strong momentum.

In essence, the change in the 90-day return rate indicates a rise in investor confidence, suggesting they are becoming more comfortable keeping their investments. This often stems from an expectation that prices will escalate, reflecting their belief that the positive market trend will persist.

As per the analysis by Quicktake, one more indication pointing towards a bullish outlook is the increase in open interest. Information from CryptoQuant indicates that this on-chain statistic has now turned positive, hinting at the prolongation of the existing bullish market movement.

Toncoin Price At A Glance

Currently, Toncoin’s value hovers approximately at $6.526, showing little fluctuation in the last 24 hours. However, over the past week, Toncoin has experienced a nearly 18% increase as per CoinGecko statistics.

For the first time since late August, the price of TON has surpassed $6.5 due to a recent bullish trend. After dropping to approximately $4.5 in September, its price has generally stayed steady until this month’s peak was reached.

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2024-11-30 22:34