Toncoin Price Explodes With 17% Rally Can TON Sustain The Momentum?
Toncoin price performance has been one of the brightest spots in the cryptocurrency market in a week that has been rather slow for the large-cap assets. While Bitcoin has struggled to achieve its dream of a $100,000 valuation, tokens like Toncoin (TON), Stellar (XLM), and XRP have continued to soar with double-digit returns.
Specifically, TON seems to be finally coming to life after a somewhat sluggish start to the month of November. However, the question that would probably be lingering on several investors minds is how long can the Toncoin price sustain this bullish momentum?
Is TON Price Going To Continue Upward Trend?
In a Quicktake post on CryptoQuant, an analyst with the pseudonym Darkfost shared an exciting analysis for the price of Toncoin over the next few weeks. According to the pundit, on-chain signals are currently bullish for the altcoins price.
The relevant metric here is the 90-day percent return, which measures the percentage change in the price of an asset over the last 90 days. It typically tracks the performance of the cryptocurrency within that period while providing insight into its short-term trend and momentum.
According to data from CryptoQuant, the TON 90-day percent return recently turned positive following the upward movement of the Toncoin price. From a historical standpoint, when this metric flips to positive, the price action that follows is usually with significant momentum.
Ultimately, this shift in the 90-day percent return suggests that investors confidence is increasing and are more willing to hold their assets. This is usually in anticipation of higher prices, as investors are expecting the bullish trend to continue.
According to the Quicktake analyst, another on-chain signal that supports the bullish prognosis is the percentage change in open interest. Data from CryptoQuant shows that the on-chain metric has also flipped to positive, suggesting a continuation of the current bullish trend.
Toncoin Price At A Glance
As of this writing, the price of Toncoin stands at around $6.526, reflecting no significant change in the past day. The altcoin is still up by almost 18% on the weekly timeframe, according to CoinGecko data.
This recent bullish run pushed the price of TON back above $6.5 for the first time since late August. Following the tokens fall to around $4.5 in September, the price has been moving mostly sideways before climbing the latest high this month.
Text source: NewsBTC
