The significant price jump has made investors extremely optimistic about the future of TON. If TON manages to retest the $8.24 resistance, there may be a chance that the token will also reach a new ATH.
Since the beginning of May, the price of TON has followed an upward trajectory. During this period, the TON price made several higher highs and higher lows, indicating a bullish trend.
Despite the bullish signs shown by TON, the indicators told a different story.
The RSI (relative strength index) for TON decreased significantly and dropped below the 49.51 level. This meant that the bullish momentum around the TON token had petered out at the time of writing.
Moreover, CMF (Chaikin Cash Flow) also began to fall, indicating that the flow of money into TON has slowed down.
Additionally, the Awesome Oscillator (AO) remained high. A rising AO suggests that buying pressure in the market is increasing.
Even though the future of the TON token seems uncertain, the Ton network is seeing significant growth.
Since Tether launched directly on the Ton network in April, the amount of USDT in circulation has increased significantly. It rose to $580 million, representing a staggering 76% increase in just one month.
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