Toncoin has reached another milestone just a month after hitting its all-time high. With technical factors supporting the rally, the price of TON could climb even higher, potentially reaching $7.85.
After months of slow gains, Toncoin surged, hitting a new all-time high of $7.78. This isn’t the first time TON has rallied; it also peaked in March. So, what’s next? Will the price drop, or will it rise even more? Let’s explore this in the blog.
Toncoin’s Impressive Rally and Rising Popularity
Toncoin has shown strong momentum since the beginning of the year, with its price rising from $2.2 to $7.78 in just six months. This 3X gain has made TON a favorite among investors, surpassing Shiba Inu to become one of the top ten cryptocurrencies. The increased demand within the crypto community has driven Toncoin’s price up, supported by the ongoing bullish market sentiments.
Crypto analyst Ali highlighted a significant increase in whale activity, with transactions over $100,000 surging by 237% on June 3, 2024. This accumulation by whales has increased buying pressure among altcoin investors.
Source: X
Additionally, Notcoin, a new meme coin on The Open Network, has boosted Toncoin’s popularity. Notcoin has seen substantial gains, with its price currently at $0.0225 after a 350% increase.
Toncoin’s Bullish Trend and Potential Price Movements
Despite moving 5% away from its all-time high, Toncoin’s bullish trend remains strong. Technical analysis, including simple and exponential moving averages, indicates that TON is in a strong buy zone, which could push its value even higher. The Moving Average Convergence Divergence (MACD) and momentum indicators also support this outlook.
However, the Relative Strength Index (RSI) is around 68, close to the overbought zone. If the RSI moves above 70, a price reversal might occur, potentially pushing TON’s price down. Currently, investor sentiment is highly optimistic, and TON’s price might surge to $7.85 in the next few days.
Important: 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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