Toncoin (TON), a cryptocurrency that is gaining traction for its notable blockchain technology, has recently shown signs of regaining positive momentum.
Following a period of subdued activity, recent metrics suggest renewed confidence among investors, which could signal an upward trend.
At the center of this observation is the 90-day percentage return metric, which has historically been a reliable indicator of market sentiment towards Toncoin.
Toncoin sees renewed positive momentum – what does the future hold?
CryptoQuant analyst Darkfost shared insights into the TON market in a recent post noble “TON’s positive momentum is returning.”
The analyst noted that the 90-day percentage yield has turned positive and is currently around 9%. While this is a modest figure compared to the explosive 200% gains seen during TON’s previous rally, it marks a shift that could lead to greater optimism in the market.
In particular, the fact that the 90-day percentage return metric turns positive is a noteworthy development for Toncoin. This indicator reflects average returns over a 90-day period and provides insight into investor behavior and market sentiment.
Historically, positive returns have often preceded significant bullish trends in TON price. While the current 9% yield indicates growing investor confidence, it remains a cautious indicator, suggesting potential gains without confirming a definitive rally.
Darkfost further reveals that during TON’s last significant rally, this metric skyrocketed past 200%, showing its ability to generate really strong momentum when “conditions align.” He then emphasized that while this change in returns is promising, it is too early to predict whether TON will replicate its previous performance.
TONS Market Performance
Meanwhile, despite the positive momentum seen by Darkfost, Toncoin has seen a decline over the past week, falling almost 10%.
Even in the last 24 hours, TON is still seeing a form of bearish trend in its price as it is currently trading at a price of $6.27, moving its price away from its all-time high of $8.25 recorded in June.
Notably, at current market prices, TON is down 24.2% from this high and 3.1% in the last day. This decline has also, unsurprisingly, affected the asset’s market capitalization, which has declined from over $17 billion earlier this month to $15.9 billion today.
TON’s daily trading volume has also plummeted from over $1 million on December 10 to approximately $402.8 million today.
Regardless of this bearish performance, analysts seem to remain bullish on TON. In a recent analysis uploaded to
$TONNES is forming this 1h symmetrical triangle. If it breaks higher, the target is $7.55
pic.twitter.com/Fz9lbrxfSo
– The Moon Show (@TheMoonCarl) December 5, 2024
Featured image created with dALL-E, TradingView chart
