- The buying pressure on Toncoin was high.
- Market indicators looked mostly bearish on TON.
Tonmint [TON] has managed to hold up well in the bear market, as the weekly chart remained green. Since TON’s performance seemed remarkable this past week, AMBCrypto planned to look at the metrics to see if this trend would continue.
Toncoin’s price action favors investors
AMBCrypto reported a few days ago about the TON bullying meeting. Our report showed how Toncoin’s value increased by more than 30% in just 24 hours.
A few days after TON’s bull meeting began, Bitcoins [BTC] The price collapsed, turning the market bearish. However, TON did not suffer any major consequences as the weekly chart remained green.
According to CoinMarketCapTON has risen by more than 32% in the past seven days. At the time of writing, TON was trading at $3.81 with a market cap of over $13.24 billion, making it the 13th largest cryptocurrency.
Interestingly, despite the positive price action, TON’s weighted sentiment fell, meaning that bearish sentiment around TON was slowly rising. Social volume also dropped, indicating that investors were not talking about the token.
Source: Santiment
Investors buy Toncoin
With TON’s price action looking bullish, AMBCrypto took a look at the metrics to see if investors could expect another bull rally.
Our analysis of Santiment’s data showed that buying pressure on Toncoin was high. This was evident from the increase in supply outside the stock exchange and the decrease in supply on the stock exchanges.
However, the major players on the market sold TON because the supply at addresses fell in recent days.
Source: Santiment
After a sharp increase, TON’s network activity fell last week. According to our analysis of Santiment’s data, TON’s daily active addresses declined after peaking on March 13.
Moreover, network growth also decreased, along with active addresses. This meant that fewer addresses were used to transfer the token. A similar trend was also observed in terms of volume: the value fell by more than 35% in the last 24 hours.
Source: Santiment
How many Worth 1,10,100 TON today?
Although buying pressure on Toncoin was low, technical indicators suggested that investors might see a slow few days. The Chaikin Money Flow (CMF) followed a sideways path.
The Relative Strength Index (RSI) also registered a sharp decline. Nevertheless, the MACD supported the buyers as it showed a clear bullish upper hand on the market.
Source: TradingView