Toncoin (TON) Price Hit New All-Time High; Is $10 Next?

Despite the global crypto market’s ongoing struggles to bounce back, including challenges faced by Bitcoin and Ethereum, certain cryptocurrencies have managed to trade sideways, against all expectations. Toncoin (TON) has reached a new record high of $8.01 on June 14, 2024, surpassing previous levels despite market uncertainties. In the last month, the token has had 13 days of gains out of 30 days. Investors and traders are closely monitoring the coin’s price movement, curious if TON’s momentum will push it to $10. Let’s explore further for more information.

Market Performance of Toncoin (TON) Price

Recently, there has been a dynamic trend in the market performance of Toncoin (TON). Toncoin’s price is currently trading at $7.99, showing a 5.38% increase in the last day, a 6.59% increase in the past week, and a significant 15.82% growth in the past month.

This upward momentum has propelled TON’s market cap to $19.06 billion, positioning it above the 10 largest cryptocurrencies, at 9th, according to CoinMarketCap.

Moreover, the coin has experienced a 4% increase in its 24-hour trading volume to reach $546.2 million. Toncoin shows substantial trading activity with a volume-to-market cap ratio of 2.72%. There are a total of 2,432,843,115 TON coins in circulation.

The token price is only 0.83% away from the all-time high of $8.01 it achieved on June 14, 2024. This demonstration highlights Toncoin’s strong presence and volatility within the cryptocurrency market.

Toncoin’s user activity has been a driving force behind its price surge. On-chain data from Artemis reveals that Toncoin blockchain network has outperformed Ethereum in terms of unique daily active addresses for ten out of the past twelve days in June.

This surge in user activity can be attributed to Telegram’s vast user base of 900 million, which has significantly contributed to Toncoin’s increased transactions and overall network engagement.

The increase can also be credited to various reasons, such as incorporating the Tether (USDT) stablecoin and launching Notcoin and Telegram Stars.

Technical Analysis of Toncoin (TON) Price

The technical analysis for Toncoin indicates a positive market sentiment. Let’s delve deeper into key metrics.

Exponential Moving Averages (EMA) show a buying trend for both short and long time frames. Toncoin’s trading consistently above its moving averages indicates a strong upward momentum at these levels.

The MACD level, when computed, shows a buy signal. A bullish price momentum is indicated by the positive MACD value of Toncoin.

The RSI value stands at 65.83, falling in the neutral range but hinting at being overbought. This implies that if the asset keeps moving upwards, it could eventually become overbought, possibly leading to more price increases.

Fibonacci retracement levels are important for determining support and resistance. The present pivot point for Toncoin stands at $6.13, with notable resistance levels at $7.22 and $7.90. If the coin manages to surpass these levels, the next significant barrier is at $8.99. The Fibonacci extension indicates that exceeding these levels may pave the way for TON to aim for the $10 milestone.

The Path to $10

The recent accomplishments and technical analysis of Toncoin (TON) make a strong argument for its ongoing development. Due to its strong market performance, growing user activity, and positive technical indicators, TON seems ready to reach the $10 level soon. Both investors and traders will keep a close eye on Toncoin’s future actions as it progresses through this thrilling stage

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