Toncoin (TON) Shows Signs of Recovery After Recent Decline

Toncoin has recovered from the heavy declines it experienced in the past few days and is now showing signs of a bullish trend.

Toncoin (CRYPTO: TON) was showing signs of a bullish trend on Monday evening with the price rising and the trading volume also showing an increase.

What Happened: According to data from Benzinga Pro, TON was trading as high as $7.45 at the time of writing, a gain of 3.9%. The price dropped to a low of $7.01 during the 24-hour period.

Over the last seven days, the price of TON has risen by nearly 11%. The price dropped as low as $6.38 during the seven-day period and reached a high of $7.81.

The price of TON dropped sharply on July 4 with the cryptocurrency closing the trading day down 9.2% at the price of $7.10.

The sharp decline came after the cryptocurrency had enjoyed several days of gains, bringing the price close to its all-time high.

During the decline, the Relative Strength Index fell to a level below the neutral reading of 50, signaling a bearish trend.

However, the market dynamic appears to have changed since then.

According to the latest available data, TON was showing a price of $7.46, showing an increase of 4.1% and following a previous session where the price rose by 1.1%, closing the trading day at around $7.20.

Further analysis showed the RSI had risen to a level above 50, signaling a weak bullish trend for TON.

The modest recovery in the RSI, along with the recent price increases, suggest a potential stabilization or gradual recovery in the market activity for Toncoin.

Toncoin Trading Volume Surges, Aligns With Price Movements

An analysis of the trading volume for Toncoin, as provided by Santiment, shows a strong correlation with the price movements.

On July 5, the trading volume surged to reach levels that haven’t been seen in over a month, reaching a total of over $750 million.

This marked the first time since early June that such high volumes were recorded.

At the time of writing, the trading volume remained high, with over $500 million in volume.

Increased Trading Volume Indicates Strong Buying Pressure for Toncoin

The current price trajectory for Toncoin suggests that the recent surge in trading volume was mainly driven by buyers, indicating strong buying pressure.

This aligns with the narrative that a large portion of the buying activity is likely the main factor pushing the price of Toncoin higher.

A significant rise in buying interest is often indicative of growing investor confidence in the asset.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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