Toncoin’s 90-Day Returns Turn Positive: Is A Massive Rally On The Horizon?

Samuel Edyme

6 months ago

3 mins read

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Toncoin (TON), a crypto gaining traction for its notable blockchain technology, has recently exhibited signs of recovering positive momentum.

Following a period of subdued activity, recent metrics suggest renewed confidence among investors, potentially signalling an upward trend.

At the center of this observation is the 90-day percent return metric, which has historically been a reliable indicator of market sentiment for Toncoin.

Toncoin Sees Renewed Positive Momentum: What Lies Ahead?

CryptoQuant analyst Darkfost shared insights into the TON market in a recent post titled “TON Positive Momentum is Getting Back.”

The analyst noted that the 90-day percent return has turned positive, currently sitting at around 9%. While this is a modest figure compared to the explosive 200% gains seen during TON’s previous rally, it marks a shift that could lead to greater market optimism.

Notably, the 90-day percent return metric turning positive is a noteworthy development for Toncoin. This indicator reflects the average returns over a 90-day period, offering insights into investor behaviour and market sentiment.

Toncoin (TON) 90-day percent return. | Source: CryptoQuant

Historically, positive returns have often preceded significant upward trends in TON’s price. While the current 9% return signals growing investor confidence, it remains a cautious indicator, suggesting potential gains without confirming a definitive rally.

Darkfost further reveals that during TON’s last significant rally, this metric soared beyond 200%, showcasing its capacity for really strong momentum when “conditions align.” He then emphasized that while this shift in returns is promising, it is too early to predict whether TON will replicate its previous performance.

TON Market Performance

Meanwhile, despite the positive momentum observed by Darkfost, Toncoin has been in a downward turn over the past week, dropping by nearly 10%.

Even in the past 24 hours, TON is still seeing a form of bearishness in its price as it currently trades at a price of $6.27 pushing its price further away from its all-time high of $8.25 recorded in back in June.

Particularly, at current market prices, TON is down by 24.2% from this peak and 3.1% in the past day. This decrease has also unsurprisingly affected the asset’s market cap which has decreased from over $17 billion seen earlier this month to now at $15.9 billion as of today.

TON’s daily trading volume has also plunged from over $1 million on December 10 to roughly $402.8 million as of today.

Regardless of this bearish performance, analysts seem to continue to be bullish on TON. In a recent analysis uploaded on X, The Moon Show revealed that as TON recently formed a symmetrical triangle on its 1-hour chart, a break to the upside could bring its price to trades as high as $7.55.

$TON is forming this 1h symmetrical triangle. If it breaks to the upside, the target is $7,55🎯 pic.twitter.com/Fz9lbrxfSo

— The Moon Show (@TheMoonCarl) December 5, 2024

Featured image created with dALL-E, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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