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Cryptocurrency News Articles
Toncoin (TON) Registers Notable Hike in Social Volume, Driven Partly by the Launch of Coin Minting for Hamster Kombat
Sep 29, 2024 at 04:00 am
The Open Network (TON) recently registered a notable hike in social volume, driven partly by the launch of coin minting for one of its mini-apps, Hamster Kombat.
The Open Network (TON) has seen a recent surge in social volume, largely driven by the launch of coin minting for Hamster Kombat, a mini-app within the TON ecosystem. This attention has led to TON becoming one of the trending cryptocurrencies in the market.
According to data from Santiment, Toncoin’s social volume exceeded 400 over the last two trading sessions. This marks a significant increase, as Toncoin’s social volume had remained below this level for several weeks.
While not a substantial spike, this increase is still noteworthy and indicates growing interest in TON.
Santiment’s analysis also shows that TON is currently the seventh most trending token on the platform. However, sentiment analysis reveals that negative sentiments are dominating this trend.
The recent minting event from Hamster Kombat and the fluctuations in TON’s price have contributed to its prominence among trending assets.
At the time, writing, Toncoin trades at $5.933, having seen a slight decline of 0.79% over the last 24 hours. The 50-day moving average (yellow line) is at $5.755, and the 200-day moving average (blue line) is at $6.209.
The price recently moved above the 50-day MA, which could indicate a short-term bullish reversal within a longer-term bearish trend.
Parabolic SAR: The dotted markers are positioned below the price, indicating bullish momentum. This suggests that buyers are gaining control, and the upward trend may continue as long as the Parabolic SAR remains supportive.
Average True Range (ATR): Standing at 0.302, the ATR indicates moderate volatility. The recent decline in ATR could suggest a more stable price trend with less erratic movements.
If TON can maintain its position above the 50-day MA and advance towards the 200-day MA at $6.209, it could confirm a stronger bullish trend. Breaking above the 200-day MA would be a significant bullish signal, potentially attracting more buyers and driving the price higher.
Conversely, if TON encounters resistance at the 200-day MA and cannot sustain its position above the 50-day MA, it may retrace to the $5.50 level or lower. In this scenario, the previous downtrend would resume if buyers lose momentum.
Finally, data from DefiLlama shows a positive shift in Toncoin’s trading volume. Over the last seven days, the volume has risen from approximately $21 million to over $38 million. There’s also been a modest hike in the Total Value Locked (TVL), with the same having a figure of around $439 million at press time – An addition of about $10 million in recent days.
This trading volume may continue to grow as the Hamster Kombat coin minting gains traction. Should the bullish scenario for TON materialize, the TVL could see further increases, which would be a sign of heightened investor interest and capital inflows into the network.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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