As an experienced analyst, I’ve been closely monitoring the cryptocurrency market trends and have been intrigued by the recent surge of Toncoin (TON). The price increase from $2.3 at the start of the year to the current $8.03 is impressive, especially during neutral market conditions as indicated by the Fear and Greed index.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development with Toncoin. At the beginning of the year, its price stood at $2.3. Now, it has surged to $8.03, representing an impressive growth of nearly 354%. This jump is just a stone’s throw away from its all-time high (ATH) target of $8.24, which is only 2.58% beyond the current price. Remarkably, this ATH was reached merely two weeks ago, and another potential rally could propel Toncoin even further, making it a standout performer in the crypto sphere.
It’s intriguing that the increase occurs during market conditions that are unfavorable, with the Fear and Greed index reflecting a neutral attitude amongst investors.
Ton Price Surge Led To Overtaking Dogecoin In Market
Previously, Toncoin held the 9th spot on Coinmarketcap due to its market capitalization. On the other hand, Dogecoin maintained its position at number 8 for a considerable period of time, establishing its prominence not just among meme coins but in the entire market. However, Dogecoin’s price has been stagnant around $0.1238 for some time now, resulting in a limited market capitalization of approximately $17.94 billion. In contrast, Toncoin’s price surge has boosted its market capitalization to over $19.75 billion, enabling it to surpass Dogecoin and claim the higher market ranking.
The recent 5% increase in the TON price within the past 24 hours adds to its uniqueness, as it had been relatively stable and unchanged prior to this.
Why Toncoin price Is Rising?
Multiple altcoins, including Toncoin, experienced difficulties prior to this, but the decrease in Bitcoin‘s supremacy from a peak of 54.4% to its present 53.4% has triggered a substantial market uptick for these cryptocurrencies.
Significantly, the Kazakhstan Exchanges initiated trading of Toncoin following the Astana Financial Services Authority (AFSA)’s approval. Notably, Pavel Durov, the co-founder of Telegram, paid a recent visit to Kazakhstan at the invitation of the Minister of Digital Development and Innovation, Ahaslan Madiev. The significance of this approval lies in Telegram’s long-standing preference for Toncoin, which they have employed for their ads revenue sharing model on the platform.
Based on numerous applicants, the Astana Financial Services Authority has carefully examined and granted authorization for Toncoin to be traded on the Digital Asset Trading Facilities within the Astana International Financial Centre. Here is the complete roster of digital assets given AFSA’s approval: #AFSAapproves
— Astana Financial Services Authority (@AFSA_KZ) June 28, 2024
Furthermore, Pantera Capital, a venture capital company, has likewise upped its financial commitment to Toncoin. This development underscores the heightened interest in the TON token among investors, as evidenced by the ongoing investment round that welcomes potential backers with a minimum stake of $250,000 each.
Can TON Price Hit New- ATH?
Based on the technical analysis of Toncoin’s daily charts, there is a robust buying opportunity. The moving averages (5, 10, 20, 50, 100, 200) unanimously suggest that buyers are in control of the market. Indicators such as MACD, STOCH(9,6), Bull/Bear Power(13), Highs/Lows(14), and others all point in the same direction. However, it is essential to note that the STOCHRSI(14) and Williams %R indicate that Toncoin may be overbought, which could potentially act as a restraining factor.
As a researcher studying financial markets, I’ve observed that the Relative Strength Index (RSI) for TON stands at 63.285. This figure signifies buyer dominance in the market. However, it is worth noting that we are approaching the overbought zone, which could potentially trigger a trend reversal and cause TON’s price to decrease. Currently, the bullish sentiment prevails, and there’s a strong possibility that TON will reach its all-time high (ATH). Nevertheless, if the price breaches the support level at 7.9772, we may witness a decline in TON’s value.
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2024-07-02 15:26