#TON #Cryptocurrency #TechnicalAnalysis #TradingVolume #Investment #Blockchain #ProfitableHolders #PricePrediction
The cryptocurrency market is witnessing a notable surge in the daily trading volume of The Open Network (TON), reaching an all-time high of $314 million. This recent uptick in trading volume is not only a testament to the growing interest and momentum behind TON but also signals a bullish trend that could continue to drive the price upwards. The increase in trading volume, coupled with the bullish signs from the Exponential Moving Averages (EMAs), suggests that TON is on a strong upward trajectory. However, despite the promising indicators, investors and traders are advised to remain cautious, especially considering the high percentage of profitable holders, which historically has been a precursor to potential selling pressure.
A staggering 95% of TON holders are currently in profit, the highest level since 2021, according to the “in/out of the money” metric. This indicator reflects investor sentiment and offers insight into the market dynamics surrounding TON. On one hand, such a high percentage of profitable holders could signal a healthy and robust market; on the other, it may also forewarn of impending selling pressure as investors could decide to lock in profits. Nonetheless, it is important to note that TON still has significant growth potential, with the price needing to climb an additional 22.10% to revisit its previous all-time highs, suggesting the market might still be in an accumulation phase.
Looking forward, the 4-hour chart for TON provides a bullish outlook with several indicators pointing towards continued price appreciation. The EMAs present a clear bullish signal, bolstering confidence in the uptrend’s durability. Moreover, the recent announcement that Telegram will reward channel owners with Toncoin further enhances the positive momentum surrounding TON. If the uptrend sustains, breaking past the $4 mark could pave the way for even higher prices, marking a significant milestone since 2021. As the technical and fundamental factors align, the future looks promising for TON. However, investors should be mindful of potential support levels and remain vigilant against the backdrop of a generally volatile cryptocurrency market.
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