After a drop to $197 Trillion value in the crypto market capitalization, today marks a slight recovery as it has surged almost 4% in the last 24 hours to $2.06 Trillion. Though the fear and greed index is still bearish and many other signals indicate bear dominance, many cryptocurrencies have retrieved their values. Of these, the TON price surge to $7.53 after falling to a low of $6.4568 is leading the market recovery.

This has been quite a significant recovery, especially in the ongoing market conditions, but can it be sustained? Let us discuss this in this blog.

Analyzing The TON Price Performance

Toncoin hit the prime last month, reaching an all-time high of $8.24 on June 15. This surge came after the continuous demand among investors over the last few months. Since the beginning of the year, the TON price has made 225% in gains, flipping Dogecoin into market position despite facing a heavy drop recently to $6.4568. What is more interesting is that this drop came right after the altcoin was close to an all-time high with a peak of $8.0847, but with the crypto market crash, that went into vain.

However, today is another opportunity for the altcoin as the TON price is at $7.53 after a 14% surge in the last 24 hours. It has become one of the first cryptos to attempt recovery despite the bearish trends, indicating high demand in the market. This demand is also visible in its growth this year as at the beginning, Toncoin was trading at $2.31, but with the Telegram support, things have changed for good.

Will TON Price Continue To Surg?

The TON price has continuously risen for the last few hours, but the trading activity has reduced significantly. Earlier, when the price was down to $7.217, the 24-hour trading volume was $767.38 Million, the highest of the day, as now it has declined to $525.52 Million, indicating a decline in the network activity.

This surge was part of the high buying pressure on the altcoin, as indicated by the moving averages. On the frame of 5 to 200, the exponential and the simple moving averages show the buyer’s dominace, fueling the ongoing rise. Other indicators like Momentum (10) and Bull Bear Power also indicate the same. However, the majority of the technical indicators like the Relative Strength Index, Williams Percent Range (14), and others are neutral, hinting at the presence of bears as well. Additionally, the MACD (12,26) level is  0.114260643, which means the short-term moving average is above the long-term ones, with the Moving line moving downward. It is a potential sign of reversal or the bull pack.

On analyzing the price charts, the TON price is moving toward the resistance at 8.156015071. If the new candlestick goes past that, the uptrend might continue. However, if the price moved down to 7.396622094, it might continue to fall to 5.408682364.

Continue Reading Is Bitcoin Price Crash Far from Over? Here is the Untold Story

The post TON Price Surges Back With Increased Buying Pressure; Will It Sustain? appeared first on CoinGape.

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Filed under: News - @ July 6, 2024 8:17 am