NewsBTC
14 December 2024
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Toncoin’s 90-Day Returns Turn Positive, Indicating Potential Market Uptrend

Toncoin (TON) has shown signs of recovering positive momentum, indicated by recent investor confidence metrics following a period of subdued activity. The 90-day percent return metric, a historical indicator of market sentiment for Toncoin, is currently around 9%, suggesting potential upward trends.

Toncoin Sees Renewed Positive Momentum: What Lies Ahead?

CryptoQuant analyst Darkfost highlighted the shift in the TON market, noting that the positive 90-day percent return reflects average returns over this period, offering insights into investor behavior and market sentiment. Although the current return is modest compared to previous rallies, it indicates growing investor confidence.

Toncoin (TON) 90-day percent return.

A historically positive return often precedes significant upward price trends for TON. While the current 9% return suggests optimism, it does not confirm a definitive rally. Darkfost noted that during prior rallies, this metric exceeded 200%, indicating strong momentum under favorable conditions; however, it is premature to predict a similar outcome for the present situation.

TON Market Performance

Despite observed positive momentum, Toncoin has experienced a nearly 10% decline over the past week. Currently trading at $6.27, TON remains below its all-time high of $8.25 from June, reflecting a 24.2% decrease from that peak and a 3.1% drop over the past day. This downward trend has reduced the asset's market cap from over $17 billion earlier this month to approximately $15.9 billion.

The daily trading volume has also decreased significantly, dropping from over $1 million on December 10 to roughly $402.8 million today. Analysts maintain a bullish outlook, with recent analysis suggesting that if TON breaks out of a symmetrical triangle formation on its 1-hour chart, it could reach prices as high as $7.55.

Featured image created with dALL-E, Chart from TradingView.