Key Points
- TON has hit a new all-time high, with indicators suggesting further price increases.
- The cryptocurrency’s market capitalization has overtaken that of Cardan, according to CoinMarketCap.
TON, the cryptocurrency linked to the popular messaging app Telegram, has reached a record high. The increase in trading activity has led to its market cap surpassing Cardan, as per data from CoinMarketCap.
At the time of writing, TON was trading at an all-time high, with a 36% price increase over the past week. In the last 24 hours, the price of TON had risen by 28%, with trading volume increasing by 578% during this period.
Ethereum’s Influence
Santiment, an on-chain data provider, noted the rise in TON’s price and other ERC-20 assets over the past week is due to the surge in the value of Ethereum (ETH). According to CoinMarketCap, the price of the leading altcoin has grown by 10% in the past seven days.
Analysis of TON’s price movements on a 1-day chart indicates the likelihood of a sustained price rally. For instance, TON’s Aroon Up Line was at 100% at the time of writing. This indicator measures trend strength and identifies potential reversal points. A value close to 100 indicates a strong upward trend.
More Bullish Indicators
TON’s Elder-Ray Index was also positive, suggesting a bullish trend. The index has been positive since February 28th, despite the volatility in the general cryptocurrency market in March. This indicator measures the balance between buying and selling pressure. A positive value indicates dominance of buying power.
Furthermore, TON’s Parabolic SAR indicator was positioned below its price, which is interpreted as a bullish signal. This indicator identifies potential reversal points in an asset’s price direction. When its dotted lines are below the asset’s price, it suggests the price will continue to rise. This is typically seen as a signal to take long positions and exit short ones.
