Toncoin – Mixed signals after TON’s price falls below $6 again
The post Toncoin – Mixed signals after TON’s price falls below $6 again appeared on BitcoinEthereumNews.com.
TON fell from the $6 price level on the charts TON’s volume maintained its uptrend though The Open Network (TON) recently registered a notable hike in social volume, driven partly by the launch of coin minting for one of its mini-apps, Hamster Kombat. This surge in attention has positioned TON as one of the market’s trending cryptocurrencies, with market indicators presenting both bullish and bearish cases for the asset. TON’s social volume on the rise Data from Santiment revealed that Toncoin’s social volume exceeded 400 over the last two trading sessions. This was a significant uptick, considering it remained below this level for several weeks. While not an enormous spike, this hike is still noteworthy. And, it is a sign of the growing interest across the network. Source: Santiment Further analysis suggested that TON is currently the seventh most trending token on Santiment. However, sentiment analysis indicated that negative sentiments dominated the trend. The recent minting event from Hamster Kombat and fluctuations in TON’s price have contributed to its prominence among trending assets. Toncoin’s latest price movement At the time of writing, Toncoin was trading at $5.933, following a slight decline of 0.79%. The 50-day moving average (yellow line) was at $5.755, while the 200-day moving average (blue line) was at $6.209. The price recently moved above the 50-day MA, but it remained below the 200-day MA. This may be a sign of a short-term bullish reversal within a longer-term bearish trend. Source: TradingView Technical indicators Parabolic SAR – The dotted markers were positioned below the price, signaling bullish momentum. This meant that buyers have been gaining control, and the upward trend may continue as long as the Parabolic SAR remains supportive. Average True Range (ATR) – Standing at 0.302, the ATR indicated moderate volatility. The recent decline in ATR…
Filed under: News - @ September 28, 2024 8:02 pm