- Positive sentiment around Toncoin has increased dramatically over the past 24 hours.
- The numbers looked bullish, but a number of technical indicators turned bearish.
Tonmint [TON] surprised investors out of nowhere with its bullish price action, helping the token gain in market cap. This rise could see TON become a top 10 token soon.
Toncoin outshines the rest
According to CoinMarketCapTON is up more than 30% in the last 24 hours. This was higher than any crypto in the top 10 list.
At the time of writing, TRON was trading at $3.64 with a market cap of over $12 billion. The massive price increase made TON a hot topic of discussion in the crypto space as its social dominance and positive sentiment increased sharply.
Source: Santiment
The good news was that the price increase was accompanied by a volume increase of almost 300%, meaning that investors have been actively trading the token.
Since the growth rate is impressive, there is a possibility that TON will soon enter the top 10, especially if it manages to maintain this momentum. In addition, TON may have to replace Dogecoin or Cardano in the charts, with both cryptos ranking 10th and 9th respectively.
Investors buy Toncoin
AMBCrypto looked at Santiment’s data to find out what TON’s metrics had to say as its price rose. We found that buying pressure on the token was high as currency outflows increased.
In the meantime, supply on exchanges has fallen, while supply outside exchanges has increased over the past 24 hours.
Whale activity around the token also remained high over the past day. A bullish metric was the MVRV ratio, which shot up.
Source: Santiment
Things in the derivatives market also looked quite optimistic for Toncoin. AMBCrypto’s analysis of Coinglass facts revealed that TON’s Open Interest rose along with its price at the time of writing.
Whenever the measure rises, it indicates that the current trend is likely to continue.
Moreover, Toncoin’s long/short ratio also increased. This indicates a growing preference for buying and holding assets, which signals a bull market.
Source: Hyblock Capital
Will this trend continue?
To confirm whether TON could enter the top 10, AMBCrypto analyzed Toncoin’s daily chart. According to our analysis, TON’s MACD showed a clear bullish upper hand at the time of writing.
How many Worth 1,10,100 TON today?
Both TON’s Relative Strength Index (RSI) and Money Flow Index (MFI) recorded sharp gains but had entered the overbought zone at the time of writing.
This suggested that selling pressure could increase, which could end TON’s bull rally.
Source: TradingView