As the global crypto market struggles to recover, with Bitcoin and Ethereum, having a share of their own challenges, some cryptocurrencies have defied the odds, trading sideways. Toncoin (TON) price in particular has soared above the storms to record a new all-time high of $8.01, today on June 14, 2024. Over the past month, the token has recorded 13 green days out of 30. Investors and traders are keenly watching the price trajectory of the coin, wondering if TON price momentum will land it to $10. Let’s delve deeper for details.

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 $7.84, showing a 2.93% increase in the last day, a 2.42% increase in the past week, and a significant 10.49% 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 $520.38 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 achieved its all-time high of $8.01 today on June 14, 2024, but then dropped by 2.98%. 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

Toncoin (TON) price recent achievements and technical outlook provide a compelling case for its continued growth. With strong market performance, increasing user activity, and favorable technical indicators, TON appears poised to challenge the $10 mark in the near future. Investors and traders alike will be closely watching Toncoin’s next moves as it navigates through this exciting phase.

However, potential investors should remain cautious of the inherent volatility in the cryptocurrency market. Price corrections and market fluctuations are always possible, and it’s essential to consider these factors when making investment decisions.

The post Toncoin (TON) Price Hit New All-Time High; Is $10 Next? appeared first on CoinGape.

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Filed under: News - @ June 14, 2024 7:14 am