Toncoin Sharpe Ratio Rising, Is TON Readying For $8?
15 Oktober 2024 - 2:30AM
NEWSBTC
Toncoin has cemented its position as a top 10 coin. However,
considering the weakness across the board, TON, the native
currency, has not been spared the hammering. Although losses might
be contained, the coin is down nearly 36% from 2024 highs, finding
strong support at around $4.5. TON buyers are confident prices will
recover, breaking above $6 in the coming sessions. However, its
performance will be shaped by market sentiment and how Bitcoin
reacts to local support and resistance lines. TON Sharpe Ratio
Rising While there are external factors to consider, one analyst
notes that the Toncoin Sharpe Ratio is rising and is now in the
“low-risk zone.” Based on the analyst’s assessment, TON offers a
favorable risk-reward balance for holders and investors. Related
Reading: WIF Bulls Charge Toward $2.89 As Key Resistance Test Looms
Analysts use the Sharpe Ratio to gauge the risk-adjusted rate of
return. The return is higher when it rises, even after factoring in
existing risks. How prices perform depends on, among others,
prevailing sentiment and adoption. As of mid-October, 77% of all
TON traders expect prices to edge higher, looking at a
CoinMarketCap poll. The analyst added that the improvement is
noticeably better than last year when the Sharpe Ratio was in a
“high-risk” zone. It remains to be seen whether prices will recover
in the coming sessions. Toncoin Holders Exceed 90 Million: Will A
Bitcoin Rally Spark Demand? Over the past few trading months, TON
has grown in prominence, cementing its position in the top 10. The
rapid valuation follows the success of some of its protocols,
including the tap-to-earn game, Hamster Kombat. At the same time,
meme coin interest is taking up shape in Toncoin, looking at
trading volume associated with Dogs. Related Reading: Tron Token
Burn: 10 Million Gone—What Does It Mean For TRX Price? According to
on-chain data, the growth of Toncoin has seen its user base expand.
As of early October, there were nearly 90 million TON holders, a
24X rise over the past year. With Toncoin dapps finding adoption,
the more users choose to engage, buying TON, pushing prices even
higher. If Bitcoin rises, breaking above $66,000 and $70,000 in the
coming sessions, the probability of TON rising in tandem will be
higher. As mentioned earlier, a decisive breakout above $6 could
anchor the next leg up to June 2024 highs. Feature image from
iStock, chart from TradingView
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