Ethereum’s Ripple effect – Toncoin flips Cardano to hit $7 ATH

• TON has reached a brand new all-time excessive.
• Key technical indicators counsel that TON’s value might proceed to rise within the quick time period.

The rise within the buying and selling exercise round Toncoin [TON], the cryptocurrency linked to the favored messaging app Telegram, has precipitated its market capitalization to surpass that of Cardan, CoinMarketCap’s knowledge has proven.

As of this writing, TON traded at an all-time excessive. The altcoin exchanged palms at $7, logging a 36% value development within the final seven days. Prior to now 24 hours, TON’s value rallied by 28%, and buying and selling quantity climbed by 578% throughout the identical interval. 

Supply: Santiment

In a submit on X, on-chain knowledge supplier Santiment famous that the rise in TON’s value and different ERC-20 belongings within the final week is because of the surge in Ethereum’s [ETH] worth. Per CoinMarketCap, the main altcoin’s value has grown by 10% prior to now seven days.

Will TON preserve this momentum within the quick time period?

AMBCrypto assessed TON’s value actions on a 1-day chart and located that its key technical indicators hinted at the potential for a sustained value rally. 

For instance, TON’s Aroon Up Line (orange) was noticed at 100% as of this writing. An asset’s Aroon indicator measures its development power and identifies potential reversal factors.

When the worth of its Aroon Up line is near 100, it signifies that the uptrend is robust and that the latest excessive was reached comparatively not too long ago.

Additionally confirming the bullish development, TON’s Elder-Ray Index was constructive. The indicator has posted solely constructive values since twenty eighth February, regardless of the headwinds confronted by the final cryptocurrency market in March.

The indicator estimates the connection between the power of patrons and sellers out there. When its worth is constructive, it implies that bull energy dominates the market. 

Additional, the dotted strains that make up TON’s Parabolic SAR indicator rested under its value at press time.

Learn Toncoin’s [TON] Value Prediction 2024-25

After a short stint above the altcoin’s value between the 2nd and seventh of April, these dots have flipped place to be under the altcoin’s value as of this writing. 

This indicator measures the potential reversal factors in an asset’s value route. When its dotted strains relaxation beneath an asset’s value, it’s a bullish sign. It confirms that an asset’s value will proceed its uptrend. Merchants interpret this as an indication to take lengthy and exit quick positions.

Supply: TON/USDT on TradingView