Toncoin (TON) Continues To Ride Bullish Wave, Eyes To Reclaim $2 Level

Over the previous 24 hours, the vast majority of the crypto market has been shifting slowly, with the premier cryptocurrency Bitcoin falling beneath the $26,000 mark once more. Toncoin, alternatively, continues to defy the present market situations, registering a big worth climb up to now day.

The TON worth skilled a considerable enhance on the primary day of September, which is in step with its overall trend in August.

TON Soars By 11% In A Single Day

Toncoin presently leads the altcoin market as one of many high gainers following an 11% worth rise up to now 24 hours. In the identical interval, altcoins resembling ETH and XRP seem to have succumbed to normal market sentiment, struggling a 1% and a couple of% worth dip, respectively.

Curiously, TON’s newest worth spike solely underscores its spectacular efficiency up to now few weeks. Based on data from CoinGecko, the worth of the cryptocurrency has swelled by greater than 35% within the final seven days.

A broader take a look at Toncoin’s worth historical past exhibits that the token has been on an ascent for the reason that begin of August. After plunging to a year-to-date (YTD) low of $1.18 on the 4th of August, TON is presently on an almost 64% worth rally.

The TON token is presently valued at $1.93, in line with CoinGecko information. If this bullish momentum and the shopping for strain proceed to construct, traders may see Toncoin return to the $2 mark. 

Nonetheless, technical indicators don’t appear to be in favor of the bullish momentum persevering with. The day by day Relative Power Index (RSI), an indicator that tracks the steadiness between the shopping for and promoting strain of a token, is presently within the oversold area.

The day by day RSI within the oversold zone might be a sign of a possible pattern reversal. On this state of affairs, which means traders may see Toncoin reverse all its beneficial properties and embark on a downward pattern.

Can Toncoin Break Into The Prime 10 Crypto Rating?

This current constructive efficiency has catapulted Toncoin onto the verge of turning into one of many high 101 largest cryptocurrencies by market cap. Based on CoinGecko data, TON is the Twelfth-largest cryptocurrency with a market cap of roughly $6.64 billion.

This places it forward of Polkadot, Polygon, and Litecoin, who occupy the thirteenth, 14th, and fifteenth positions, respectively. If TON continues its present worth rally on this present market situation, breaking into the highest 10 rating may be a chance.

Curiously, a big 92% enhance within the token’s day by day buying and selling quantity provides additional optimism to this situation. A rise in buying and selling quantity generally is a sign that traders are nonetheless dabbling into an asset.

With this, it could solely be short-sighted to rule out extra beneficial properties for the altcoin within the coming weeks.

TON's day by day Relative Power Index within the oversold zone | Supply: TONUSDT chart on TradingView

Featured picture from iStock, chart from TradingView