Toncoin (TON), a virtual currency that has been attracting attention due to its remarkable blockchain technology, has recently shown signs of regaining momentum.
Although activity has been low for some time, recent indicators suggest a renewed sense of confidence among investors, which could point to an uptrend.
Central to this observation is the 90-day return metric, which has historically been a reliable indicator of Toncoin market sentiment.
Toncoin is on a roll again: what lies ahead?
CryptoQuant analyst Darkfost shared his insights on the TON market in a recent post titled “TON Positive Momentum Is Returning.”
The analyst noted that the 90-day percentage return has turned positive and currently stands at around 9%. While this is modest compared to the explosive 200% rise seen during TON's previous rally, it signals a change that could lead to further optimism in the market.
In particular, the 90-day return index turning positive is a notable development for Toncoin. This indicator reflects a 90-day average return and provides insight into investor behavior and market sentiment.
Historically, positive returns have often preceded significant upward trends in the price of TON. While the current 9% return indicates growing investor confidence, it remains a cautious indicator, suggesting potential upside without confirming a definitive upside.
Darkforst further revealed that during TON’s last significant rally period, this indicator soared by over 200%, demonstrating its ability to generate very strong momentum when “the conditions are right” . And while this change in earnings is promising, he emphasized that it is too early to predict whether TON will repeat its previous performance.
TON market performance
Meanwhile, despite the positive momentum observed by Darkhost, Toncoin has turned downward over the past week, dropping by nearly 10%.
Even in the past 24 hours, the price of TON remains bearish, currently trading at a price of $6.27, further moving the price away from the all-time high of $8.25 recorded in June. .
Notably, at the current market price, TON is down 24.2% from this peak and down 3.1% over the past day. This decline has naturally affected the asset's market capitalization, which has fallen from more than $17 billion earlier this month to $15.9 billion as of today.
TON's daily trading volume has also plummeted from over $1 million on December 10 to about $402.8 million as of today.
Despite this bearish performance, analysts remain bullish on TON. In a recent analysis uploaded to I made one thing clear.
$t This hour forms a symmetrical triangle. If the price breaks out, the target is $7,55. pic.twitter.com/Fz9lbrxfSo
— Moon Show (@TheMoonCarl) December 5, 2024
Featured image created with dALL-E, TradingView chart
