Toncoin surged 7% with a $568 million trading volume on August 19.
Positioned above the middle Bollinger Band, Toncoin shows strong market strength.
Toncoin’s bullish momentum is supported by DMI and neutral RSI, signaling potential gains.
Toncoin (TON) has surged by 7% on the morning of August 19. As of writing, Toncoin held onto a 6% gain, trading at $6.92. This price jump coincided with a 143% increase in daily trading volume, bringing it to around $568 million. With a market cap of $17.3 billion, Toncoin now ranks 9th among the largest cryptocurrencies.
Bollinger Bands and Market Positioning
Toncoin’s current price sits comfortably above the middle Bollinger Band at $6.3421, a sign of strength within its recent trading range. It’s also well above the lower band at $5.4265, indicating a solid recovery from lower price levels.
However, the price is still below the upper Bollinger Band at $7.2578, suggesting there’s room for upward movement before encountering significant resistance. This positioning points to a relatively strong market standing, with the potential for continued gains if the price momentum persists.
Technical Indicators and Market Sentiment
Toncoin’s Directional Movement Index (DMI) provides further insight into its recent performance. The +DI line, which tracks upward price movements, is currently at 24.8112, overtaking the -DI line at 18.8496.
This indicates that recent price action has been predominantly bullish. The average DI line stands at 24.7785, suggesting a strong trend. Generally, when the Average Directional Index (ADX) is above 25, it signifies a robust trend, whether bullish or bearish.
In Toncoin’s case, the elevated ADX and dominant +DI line reflect strong bullish momentum. However, it’s essential to monitor these indicators for any shifts that could signal increasing bearish pressures.
The Relative Strength Index (RSI) for Toncoin currently reads 55.58, placing it in a neutral zone where it is neither overbought or oversold. This neutral RSI level implies that the price could move in either direction without being considered overextended, providing some room for potential gains.
The post Toncoin Price Jumps 7%: Key Indicators Point to Continued Gains appeared first on Crypto News Land.
