The TON price recently climbed close to its all-time high but then faced a drop due to a bearish market. However, it has quickly bounced back and is making gains again. After the overall crypto market cap fell to $197 trillion, it has since slightly recovered, rising nearly 4% in the last 24 hours to $2.06 trillion.
Despite ongoing bearish signals and a fear and greed index still showing fear, many cryptocurrencies, including TON, have started to recover. TON’s price surged to $7.53 after dropping to $6.46, marking a significant rebound. The big question now is whether this recovery can be maintained.
Toncoin’s Recovery: From ATH to Rebound
Toncoin hit its peak last month, reaching an all-time high of $8.24 on June 15. This surge followed a period of strong investor demand over the preceding months. Since the start of the year, Toncoin has gained 225%, even surpassing Dogecoin in market position. However, despite this impressive growth, the price recently fell to $6.46 after briefly approaching its previous all-time high of $8.08, only to be derailed by the broader crypto market crash.
Today, Toncoin is showing signs of recovery, trading at $7.53 after a notable 14% surge in the last 24 hours. This bounce back highlights the high demand for the altcoin, making it one of the first cryptocurrencies to attempt a rebound despite prevailing bearish trends. At the beginning of the year, Toncoin was trading at $2.31, but support from Telegram has significantly boosted its value.
Toncoin Price Dynamics: Surge Amid Declining Trading Activity
The Toncoin price has experienced a notable rise in recent hours, yet trading activity has significantly diminished. Earlier in the day, when the price dipped to $7.217, the 24-hour trading volume peaked at $767.38 million. However, this figure has since dropped to $525.52 million, signaling a decrease in network activity.
This price surge was driven by strong buying pressure, as reflected by various moving averages. Both the exponential and simple moving averages across 5 to 200 periods demonstrate buyer dominance, supporting the current price increase. Indicators such as Momentum (10) and Bull Bear Power also reinforce this bullish sentiment. Nevertheless, several technical indicators, including the Relative Strength Index (RSI) and Williams Percent Range (14), remain neutral, suggesting ongoing bearish influence.
The MACD (12,26) level stands at 0.114, indicating that the short-term moving average is above the long-term averages, with the moving line trending downward. This could signal a potential reversal or a shift in market momentum.
Price charts show that Toncoin is approaching resistance at $8.156. A breakthrough past this level may sustain the uptrend. Conversely, if the price falls to $7.397, it could potentially decline further to $5.409.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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