While the crypto market was shaking with Bitcoin struggling to breakout through $69,000, Toncoin was having a joyous ride during the week. The decentralized layer-1 blockchain grew by approximately 34% in its value, overtaking the market capitalization of Cardano, to claim a new position as the 9th top cryptocurrency. Operating on Ethereum, TON price hit an all-time high of $7.08 a day ago, on Apr 09, 2024. Just when investors were celebrating the coin has since dropped by 3.81% in value. As the bull run continues, and as the market awaits the upcoming Bitcoin halving, the question at hand is whether or not Toncoin will recover again?

Market Performance Performance of Toncoin Price

Toncoin (TON) is currently being traded at $6.81, showing a slight decline of 0.01% in the past day. During the day, it varied between $6.40 and $6.95, with its highest point of $7.08 on April 9, 2024, showing a slight decrease of 3.81% since that time.

TON holds the 9th place in the cryptocurrency market with a market capitalization of around $23.67 billion, according to CoinMarketCap. Nevertheless, information regarding its percentage of dominance in market capitalization is not given. The $594.88 million trading volume in a 24-hour period has dropped by 32.10%, suggesting a possible decline in trading activity or interest during that time.

Toncoin has 3.47 billion tokens in circulation, from a total of 5.1 billion tokens available. Taking into account the entire supply, the fully diluted market cap is approximately $34.82 billion.

Ton shows a fairly steady price performance with a bit of volatility during the day. With its significant market capitalization and high trading volume, it is a key player in the world of cryptocurrency.

Toncoin’s price decrease can be attributed to recent price movements, market sentiment, trading volume fluctuations, technical indicators showing overbought conditions, profitable holders looking to cash out gains, and various external factors influencing the crypto market. Following a new all-time high, the price dropped by 3.81%, which is common as traders take profits.

Will Toncoin Recover Again?

It is not a straightforward process to predict the future of cryptos like Toncoin because of the volatile and uncertain nature of the market. However, there are various factors that could influence the recovery of the TON price.

1. Market Sentiment

The current market sentiment is neutral with a tag of war between the bulls and the bears. While optimism exists among some analysts, other warn about the possibility of downturns. The Fear and Greed Index is at 78, signaling “Extreme Greed”. This suggest that Toncoin could be face price correction.

2. Technical Indicators

Based on Toncoin’s 4-hour chart data, both long-term and short term moving averages indicate ‘Buy’. This shows that the market is generally bullish, and there is  potential for further price increases. Standing at 67.41, the Relative Strength Index (RSI) shows that the market is neutral, neither overbought or oversold, indicating a balanced sentiment in the market, and if the bulls will not take charge, the price may experience short-term correction. However, it is necessary to understand that you cannot rely completely on technical indicators, because past performance may not demonstrate future results.

3. Trading Volume and Liquidity

Toncoin’s trading volume has seen significant fluctuations, which can impact price recovery. Should TON’s trading volume increase, it will indicate strong interest in the asset, which could lead to price surges if the demand outpaces the supply.

4. Innovative Partnership

The TON Society and HumanCode AI partnership aims to enhance Toncoin’s utility and appeal by introducing a blockchain-based identity verification system with palm recognition technology. This innovation could lead to a price recovery for Toncoin in several ways. Firstly, by attracting a wider user base, including Telegram’s massive user pool, through secure and convenient identity verification, there could be increased adoption and for Toncoin. Secondly, the integration of identity verification technology adds utility to Toncoin, potentially increasing token demand. Additionally, the $5 million incentive program and emphasis on privacy could attract more users and developers, fostering ecosystem growth and contributing to the recovery of Toncoin’s price.

@ton_society has partnered with HumanCode, an innovative AI technology company, to transform the way users verify their identity online!

TON Society offers 1M $TON in incentives for users to verify their identity

Why does this matter? Let’s find out pic.twitter.com/uZPFSXGkmF

— TON (@ton_blockchain) April 8, 2024

5. Price Prediction

Some analysts have forecasted TON’S prices to increase in the coming years, and ultimately hitting new highs. The price of the coin is predicted to increase by approximately 326%, to trade between $6.90 and $32.74 in 2025. Toncoin is also expected to soar in prices trading between $17.55 and $28.46. Additionally, the price is forecasted to grow by approximately 48% by the end of next week. However, these predictions are speculative and should be taken with caution.

Just like any other investment, it is necessary to carry out thorough research or consult legitimate sources before investing in cryptocurrencies. This is because this kind of investment tags risks along. Therefore, considering your own investment goals and risk tolerance is important when assessing the possibility of Toncoin price recovering.

The post Toncoin Price: Will Toncoin Recover Again? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am