Toncoin, also known as TON, has been doing really well lately. It’s been going up in value a lot over the past few days. People are wondering if there’s more good news on the way.
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TON has surprised many in the crypto world by doing better than expected. In fact, it’s been one of the top-performing cryptocurrencies in different areas over the last few months.
TON Price Surge: Bullish Momentum and Concerns
Over the past day, the value of Toncoin (TON) has shot up by a whopping 17.74%, marking a significant turnaround. Previously, TON had been showing a bearish trend since April 11th. However, this recent surge suggests a potential reversal in its fortunes. The Chaikin Money Flow (CMF) indicator has been on the rise, indicating increased money flow into TON.
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On the flip side, the Relative Strength Index (RSI) for TON has climbed well above the neutral mark, suggesting it might be overbought. This could mean a slight correction in its price down the line.
Source: Trading View
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One contributing factor to this volatility could be the launch of Notcoin, a new community token that’s attracting users to web3 through a tap-to-earn mining mechanism.
Despite the price surge, there are lingering concerns. The growth of the TON network has notably slowed in recent days, hinting at waning interest among new users. Additionally, the trading velocity of TON has decreased, indicating reduced activity around the token.
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In summary, while the recent price surge of TON is promising, there are still underlying issues that need to be addressed for its sustained growth. These things could be bad for TON in the long run and might stop it from going up more in the future.
Source: Santiment
Also Read: Crypto Whales Make Significant Purchases of PEPE Coin and 5 Other Altcoins
TON Metrics: Profitable Addresses, Holders, Activity
The MVRV ratio for TON has risen, showing that addresses are making profits. This could lead them to sell their holdings, which might bring down TON’s price.
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On the flip side, the Long/Short ratio for TON has also increased, suggesting more long-term holders. These holders are less likely to sell impulsively when the market changes.
Source: Token Terminal
In terms of network activity, there’s been a positive trend. Daily active users on the network have jumped from 175,000 to 270,000 in recent weeks. However, despite this increase in activity, the revenue generated by the network has dropped significantly during the same period.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
