Toncoin (TON), a crypto tool that is gaining traction for its famous blockchain technology, has recently regained signs of being bullish.
After a period of subdued activity, recent metrics suggest renewed confidence among investors, perhaps indicating upward movement.
Central to this view is the 90-day percent return metric, which has historically been a reliable indicator of market sentiment for Toncoin.
Toncoin Sees Renewed Positive Momentum: What's Ahead?
CryptoQuant analyst Darkfost shared insights on the TON market in a recent post with the title “There's a TON of Positive Momentum getting back. “
The analyst noted that the 90-day percentage yield has turned positive, currently sitting at around 9%. While this is a modest figure compared to the explosive 200% gains seen in the previous TON rally, it does point to a trend that could lead to more optimism in the market.
In particular, the 90-day percent yield metric is turning positive in a notable development for Toncoin. This indicator shows the average results over a 90-day period, offering insights investor behavior and market sentiment.
Historically, positive results have often come before large upward movements in the price of TON. While the current 9% return indicators are growing investor confidenceit is still a cautious sign, suggesting potential benefits without confirming a definitive collection.
Darkfost also points out that during TON's last significant rally, this metric soared by more than 200%, demonstrating its potential for strong momentum when “conditions align. ” He then emphasized that although this trend in production is promising, it is too early to predict whether TON will repeat its previous performance.
TON Market Performance
Meanwhile, despite the positive trend seen by Darkfost, Toncoin has been in a turn down over the past week, down nearly 10%.
Even in the last 24 hours, TON is still seeing a kind of bearishness in its price as it is currently trading at a price of $6.27 pushing its price further away from the high -his time of $8.25 which was recorded back in June.
Specifically, at current market prices, TON is down 24.2% from this high and 3.1% over the past day. It is not surprising that this decrease has affected the market cap of the asset which has decreased from more than $17 billion seen earlier this month to now at $15.9 billion as today.
TON's daily trading volume has also dropped from over $1 million on December 10 to around $402.8 million as of today.
Regardless of this bearish performance, it seems that analysts are still bullish on TON. In a recent analysis uploaded on X, The Moon Show he revealed that a TON formed a symmetrical triangle on his 1-hour chart recently, that a break to the upside could lead to his price to trade as high as $7.55.
$TON forming this symmetrical triangle 1h. If it breaks to the upside, the target is $7.55
pic.twitter.com/Fz9lbrxfSo
– The Moon Show (@TheMoonCarl) December 5, 2024
Featured image created by dALL-E, Chart from TradingView
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