Toncoin (TON), a crypto that has been gaining traction for its groundbreaking blockchain technology, has recently shown signs of regaining positive momentum.
After a period of subdued activity, recent metrics suggest renewed confidence among investors, potentially An indication of an upward trend.
At the heart of this observation is the 90-day percentage return metric, which has historically been a reliable indicator of market sentiment for Toncoin.
Toncoin Sees New Positive Momentum: What’s Next?
CryptoQuant analyst Darkfast has shared information about the TON market in a recent post titled “The tone is returning to positive momentum.”
The analyst noted that the 90-day percentage return has turned positive, currently sitting at around 9%. While this is a paltry figure compared to the explosive 200% gains seen during TON’s previous rally, it represents a shift that could lead to greater market optimism.
In particular, the positive turn in the 90-day percentage return metric is a noteworthy development for Toncoin. This indicator shows the average return over a 90-day period, offering insider-views Investor behavior and market sentiment.
Historically, positive returns often precede significant uptrends in TON’s price. While the current 9% return signal is increasing Investor confidenceIt remains a cautious indicator, suggesting potential gains without confirming a definitive rally.
Darkfost further points out that during TON’s last significant rally, this metric jumped over 200%, when “conditions aligned.” He then emphasized that while this turnaround in returns is promising, it is too early to predict whether TON will repeat its past performance.
TON market performance
Meanwhile, despite the positive momentum seen by Darkhost, Toncoin A Turn downwards In the last week, a decline of about 10%.
Even in the last 24 hours, TON is still seeing a form of bearishness in its price as it currently trades at a price of $6.27 off its all-time high of $8.25 recorded back in June. Pushes further away from
Specifically, at current market prices, TON is down 24.2% from this peak and 3.1% over the previous day. The shortfall has also surprisingly affected the asset’s market cap, which has fallen from $17 billion earlier this month to $15.9 billion year-to-date.
TON’s daily trading volume has also dropped from $1 million on December 10 to around $402.8 million year-to-date.
Despite this fall performance, analysts seem to continue bullish on the TON. In a recent analysis uploaded on X, The Moon Show revealed that as TON recently formed a symmetrical triangle on its 1-hour chart, a break to the upside took its price to trade at $7.55. can
$ TON This is creating a 1h symmetrical triangle. If it breaks upwards, the target is $7.55
pic.twitter.com/Fz9lbrxfSo
– The Moon Show (@TheMoonCarl) December 5, 2024
dALL-E, a special diagram created with charts from TradingView
