Toncoin (TON), which has climbed more than 200% since the beginning of 2024 and entered the top 10 cryptocurrencies on CoinMarketCap, has now become one of the most popular first-layer cryptocurrencies.
While Telegram-linked TON attracted the attention of investors with its tremendous rise, CryptoQuant analysts obtained important data by analyzing TON's latest price trends.
Pointing out that the TON price increase has surpassed Bitcoin since the beginning of the year, the analyst said that, looking at the price movements in the last 30 days, especially US investors expect bulls in the TON price.
US investors were bullish on TON, while European investors, in contrast, were more bearish.
Asian investors, on the other hand, adopted a moderate approach towards TON.
Observing that US investors have shown strong enthusiasm towards TON, the CryptoQuant analyst said:
“ Analyzing price fluctuations over various trading sessions allows us to distinguish which investor groups are bullish on TON and which are bearish.
Accordingly, the data shows that American investors have the most bullish expectations for TON. Multiple orange lines indicate significant percentage changes during the US session; The token is experiencing the highest average percentage increase during this period.
Conversely, European traders appear to be the most bearish group, as evidenced by the numerous purple lines indicating negative price changes during the session.
Asia displays a more moderate stance, with later trading hours reflected in the data. Asian traders appear to be in line with past price performance, which includes both positive and negative trends.
For active short-term trading, I recommend looking for long positions during US sessions. Conversely, for short positions, it is preferable to enter during the EU session.”
TON continues to trade at $6.39 at the time of writing.
*This is not investment advice.