TLDR
- Toncoin (TON) has seen a significant price surge, reaching a new all-time high of around $8.
- Technical analysis indicators like EMA, MACD, and RSI suggest a bullish momentum for TON.
- Some analysts predict TON could potentially reach $10 or higher in the near future.
- Toncoin’s blockchain has outperformed Ethereum in terms of daily active addresses recently.
- The integration of Tether (USDT) stablecoin and new features like Notcoin and Telegram Stars have contributed to Toncoin’s growth.
Toncoin (TON), the cryptocurrency associated with the popular messaging app Telegram, has been making waves in the crypto market lately.
In a remarkable feat, TON’s price soared to a new all-time high of around $8 on June 14, 2024, defying the broader market’s struggles.
This surge in Toncoin’s value can be attributed to a combination of factors, including robust user activity and the integration of new features.
According to on-chain data from Artemis, Toncoin’s 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 credited to Telegram’s vast user base of 900 million, which has significantly contributed to Toncoin’s increased transactions and overall network engagement.
The incorporation of the Tether (USDT) stablecoin and the launch of Notcoin and Telegram Stars have also played a role in driving Toncoin’s growth.
These new features have likely attracted more users to the platform, further boosting the cryptocurrency’s adoption and demand.
Technical analysis indicators paint a bullish picture for Toncoin’s future price trajectory. The Exponential Moving Averages (EMA) for both short and long time frames show a buying trend, with Toncoin trading consistently above its moving averages – a strong indication of upward momentum.
The Moving Average Convergence Divergence (MACD) indicator also signals a buy signal, with a positive MACD value suggesting a bullish price momentum.
Additionally, the Relative Strength Index (RSI) stands at 65.83, falling in the neutral range but hinting at being overbought.
This implies that if the asset continues its upward trajectory, it could become overbought, potentially leading to further price increases.
Fibonacci retracement levels, which are used to determine support and resistance levels, also point to a potential continuation of Toncoin’s rally. The current pivot point for TON 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 could pave the way for TON to aim for the $10 milestone.
Several analysts and market experts have expressed optimism about Toncoin’s future performance.
Ali, a popular crypto analyst, recently posted a tweet highlighting an interesting development, suggesting that TON was getting ready for a bullish breakout that might allow it to touch $11 in the coming days.
While most cryptocurrencies struggled to paint their charts green last week, Toncoin acted differently, increasing by more than 1.7% in the last seven days.
