- TON has reached an all-time high.
- Key technical indicators suggest that the price of TON may continue to rise in the near term.
Increased trading activity around Toncoin (TON), the cryptocurrency linked to the popular messaging app Telegram, has seen Toncoin’s market capitalization surpass that of Cardan, according to data from CoinMarketCap.
At the time of writing, TON is trading at an all-time high. The altcoin is trading at $7, registering a 36% price increase over the past seven days. In the past 24 hours, the price of TON rose 28%, and trading volume increased 578% in the same period.
Source: Santiment
On-chain data provider Santiment, in a post on According to CoinMarketCap, altcoin The price has increased by 10% in the last 7 days.
Can TON maintain this momentum in the near term?
AMBCrypto evaluated TON’s price action on 1-day charts and found that key technical indicators suggest the possibility of a continued price rise.
For example, TON’s Aroon Up Line (orange) is captured at 100% as of this writing. The Aroon indicator for assets measures trend strength and identifies potential reversal points.
A value on the Aroon Up line close to 100 indicates a strong upward trend and that the most recent highs were reached relatively recently.
Also confirming the bullish trend, TON’s Elder-Ray Index was positive. This indicator has recorded only positive values since February 28, despite the headwinds faced by the general cryptocurrency market in March.
This indicator estimates the relationship between the strengths of buyers and sellers in the market. If the value is positive, it means bull power dominates the market.
Additionally, the dotted line that makes up TON’s Parabolic SAR indicator was below the price at press time.
Read Toncoin (TON) Price Prediction for 2024-25
After a brief rise in altcoin prices between April 2 and 7, these points have moved below the altcoin prices at the time of this writing.
This indicator measures potential reversal points in the price direction of an asset. If the dotted line is below the asset price, it is a bullish signal. This confirms that asset prices will continue their upward trend. Traders interpret this as a signal to take long positions and liquidate short positions.
Source: TON/USDT on TradingView