- The buying pressure for Toncoin is high.
- The market indicators tend to be bearish when it comes to TON.
Toncoin [TON] It has held its own in a bear market, as the weekly chart is still green. AMBCrypto wanted to know if the performance of TON over the past week would be sustained.
Toncoin’s price is in favor of investors
AMBCrypto reported TON bully rally a few weeks ago. In our report, we highlighted how Toncoin’s value grew by more than 30% within 24 hours.
The bull run began a few days later. Bitcoin’s [BTC] Price crashed and the market became bearish. TON, however, was not greatly affected as its chart remained in green.
The following is a list of CoinMarketCapTON has gained over 32 percent in the past seven days. At the time of publication, TON traded at $3.81, with a total market cap exceeding $13.24billion, ranking it as the 13th most valuable crypto.
Despite the price increase, TON’s sentiment score dropped. This meant that the bearishness around TON had slowly increased. The token’s social volume has also decreased, which indicates that there is no discussion about it.
Toncoin is being bought by investors
AMBCrypto looked at TON’s metrics in order to determine whether or not investors can expect another bull run.
The data from Santiment revealed a high level of buying pressure for Toncoin. The rise of its availability outside exchanges and its decline on exchanges were both indicators.
The market was flooded with TON, but the supply of TON held at addresses has decreased in recent days.
Last week, TON saw its network activity drop after a dramatic increase. As we analyzed Santiment’s data, TON’s daily active address plummeted following a sharp rise on the 13th March.
In addition, the network growth of its active addresses also decreased. It meant that less addresses were being used to send the token. Volume also fell by 35% over the last 24 hour.
How Much Are 1,10,100 TONs worth today?
Although the buying pressure for Toncoin is low, some technical indicators suggest that Toncoin may have a few days of slow movement. Chaikin’s Money Flow (CMF), which measures the flow of money in a currency, has taken a sideways trend.
Relative Strength Index also showed a significant decline. The MACD supported buyers, as it demonstrated a bullish advantage in the markets.
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Source: ambcrypto.com