TON Soars to a New All-Time High of $8.24, But Is It Done Climbing?

In the early trading hours of 15 June, the popular cryptocurrency Toncoin [TON], linked to the messaging app Telegram, soared to a new all-time high.

output: Popular cryptocurrency Toncoin [TON], linked to the messaging app Telegram, soared to a new all-time high in the early trading hours of 15 June.

According to data from CoinMarketCap, the altcoin changed hands for as high as $8.24, before a slight correction saw its price decrease marginally. At press time, TON was trading at $7.96, down by 3% since hitting its all-time high.

An assessment of the token’s performance on the daily chart confirmed that, despite the slight uptick in selling pressure forcing TON’s price to fall from its new all-time high, the bullish bias was still very much present in the crypto’s market.

For instance, the token’s key momentum indicators were spotted resting above their respective center lines and rising at the time of this report. Its Relative Strength Index (RSI) was 65.80, while its Money Flow Index (MFI) stood at 76.42.

These indicators gauge an asset’s price momentum and changes to identify overbought and oversold conditions in the market. At their press time values, TON’s RSI and MFI signalled its traders’ preference for accumulating over distributing.

Moreover, readings from TON’s Directional Movement Index (DMI) showed the positive directional index (green) lying above the negative index (red).

An asset’s DMI measures the strength of its price trend. When its positive index rests above the negative index, it suggests a dominant uptrend in the market. This is a bullish signal that traders interpret to mean that bearish influence is significantly low.

Finally, TON’s Aroon Up Line was 100% at press time, which served to confirm the prevailing bullish trend.

An asset’s Aroon indicator identifies its trend strength and potential price reversal points. When the Aroon Up Line is close to 100 this way, it indicates that the uptrend is strong and that the most recent high was reached relatively recently.

In terms of TON’s weighted sentiment, it returned a value of 1.6 at the time of this report, which signalled that the majority of the discussions around the altcoin on social media platforms were largely bullish.

This also meant that TON traders were optimistic and confident that its price would hike even more in the short term.

If this happens, TON could rally to reclaim its all-time high and perhaps even breach it. However, if this support is invalidated, the altcoin’s price might drop to $7.36 on the charts.

News source：https://www.kdj.com/cryptocurrencies-news/articles/ton-soars-time-climbing.html

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