Toncoin’s 90-Day Returns Turn Positive: Is A Massive Rally On The Horizon?
Toncoin (TON), a cryptocurrency that has gained attention for its famous blockchain technology, has recently shown signs of regaining positive momentum.
After a period of sluggish activity, recent indicators point to renewed investor confidence, which could indicates an upward trend.
Central to this observation is the 90-day return indicator, which has historically been a reliable indicator of Toncoin market sentiment.
Toncoin sees new positive momentum: What’s next?
CryptoQuant analyst Darkfost shared insights into the TON market in a recent article Titled “Positive momentum is returning for TON.”
The analyst noted that 90-day returns have turned positive and are currently around 9%. While this number is modest compared to TON’s explosive 200% gain during its last rally, it marks a shift that could lead to more optimism in the market.
It is worth noting that the 90-day return metric turned around is a noteworthy development for Toncoin. This metric reflects average returns over a 90-day period, providing the following insights: investor behavior and market sentiment.
Historically, positive returns tend to precede significant upward trends in TON price. The current return of 9% shows that returns are growing investor confidenceit remains a cautious indicator, hinting at potential upside but not confirming a clear rebound.
Darkfost further revealed that during TON’s last major rally, the indicator surged over 200%, demonstrating its ability to generate truly strong momentum when “conditions align.” He then emphasized that while this shift in returns is promising, it is too early to predict whether TON will replicate its previous performance.
TON market performance
Meanwhile, despite the positive momentum observed by Darkfost, Toncoin has been in turn downward It’s down nearly 10% in the past week.
Even in the past 24 hours, TON’s price has shown some form of bearishness, with it currently trading at $6.27, taking its price further away from the all-time high of $8.25 set in June.
In particular, based on current market prices, TON is down 24.2% from its peak and 3.1% from the past day. Unsurprisingly, this decline has also impacted the asset’s market capitalization, which has fallen from over $17 billion earlier this month to $15.9 billion currently.
TON’s daily trading volume has also plummeted from more than $1 million on December 10 to approximately $402.8 million today.
Despite this downbeat performance, analysts appear to continue to be bullish bullish on 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, an upward break could take its price as high as $7.55.
$t This 1h symmetric triangle is forming. If there is a breakout, the target is $7.55
pic.twitter.com/Fz9lbrxfSo
— The Moon Show (@TheMoonCarl) December 5, 2024
Featured image created using dALL-E, chart from TradingView
