The price of TON has been on the rise as market sentiment has improved over the past week. The Telegram-linked token is moving strongly towards its 50-day simple moving average (SMA).
A successful breakout indicates a continued uptrend and could see prices rise by 20%.
Toncoin holders push to break through resistance line
Over the past month, TON's 50-day SMA , which represents the average closing price over the past 50 days, has formed a major resistance level at $5.76. Any attempt to break above that level has been met with increasing selling pressure, pushing the TON price back to the support level at $5.47, the 20-day exponential moving average (EMA).
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When the 50-day SMA is above the 20-day EMA, it suggests a downtrend with strong selling pressure. However, TON market participants are trying to reverse this trend by increasing demand for altcoins over the past week.
Data from cryptocurrency on-chain data platform IntoTheBlock shows that the number of daily active addresses in TON has increased over the past seven days. According to the on-chain data provider, the daily number of addresses that have completed at least one TON transaction has increased by 29% over that period. Similarly, demand for new altcoins has also increased by 78%.
