As an experienced analyst, I believe that the recent surge in Toncoin’s price is not just a random event but rather a result of several fundamental factors. The collaboration with Telegram and its increasing user base have been key drivers of demand for TON, leading to higher network activity and transactions.
Recently, Toncoin has regained traction, experiencing a 5% increase in value within the past 24 hours following a dip to $6.8. The price of Toncoin now stands at $7.59 due to a substantial 26% rise in trading volume, reaching a significant $401,389,228. This surge has also influenced Toncoin’s market capitalization, pushing it back up to $18,643,470,157 and reclaiming its spot as the 8th largest cryptocurrency by market value.
As a researcher, I’m intrigued by the recent fluctuations in Toncoin’s price and I’d like to explore whether these changes are merely coincidental or indicative of a larger trend towards recovery. Join me as we delve into the potential factors influencing Toncoin’s price movement and assess the likelihood of further gains.
Reasons Why Toncoin Price Is Rising?
As a researcher studying the cryptocurrency market, I can’t help but notice the impressive performance of TON this year. With a staggering 224% year-to-date (YTD) growth, this digital currency has certainly caught the attention of investors. Its collaboration with Telegram, a popular messaging app, has added to its allure. Recently reaching a new record high of $8.24, TON has become a valuable addition to many portfolios and offers promising returns for its holders.
Due to strong demand, merely a small nudge was sufficient to boost network activity for Toncoin today. An astonishing $10 billion in transactions occurred daily, representing nearly 10% of Bitcoin‘s transaction volume. The surge in daily transactions can be attributed to the rising number of TON holders. Over the past year, the TON holder community has grown tenfold, now totaling 32 million members. Much of this growth can be credited to Telegram, the widely-used social media platform, with a substantial user base.
On-chain metit iss of $TON are going parabolic!
“The amount of funds transferred on TON ranges from $5.0 billion to $10.0 billion. In contrast, Bitcoin’s typical daily transfer volume hovers around $50.0 billion. This implies that TON has reached between 10% and 20% of Bitcoin’s transfer capacity.”
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— CryptoQuant.com (@cryptoquant_com) June 20, 2024
This crypto has experienced significant growth as its trading volume, now at $400 million, has rebounded from the low $200 million range. Previously, this led to sluggish days for TON. However, with renewed user interest, the Toncoin price is on an upward trend. Furthermore, Open Interest on Coinglass has risen by 2%, reaching $296.29M – a noteworthy level that signifies increased activity in TON’s derivatives market.
What Is Coming Next For Toncoin Price? Surge or Drop
Based on technical analysis, Toncoin exhibits a robust buying opportunity. The Relative Strength Index (RSI) stands at 56.966, suggesting that TON token is being bought more than sold in the market. Additionally, the Moving Average Convergence Divergence (MACD) with short and long periods of 12 and 26, respectively, records a level of 0.151, signaling an upward trend. Furthermore, the Average Directional Index (ADX) at 23.17 indicates a strong buying condition. These trends are supported by other technical indicators such as Bull/Bear Power with a value of 13.
To summarize, moving averages for time frames ranging from 5 days to 200 days are currently signaling buy opportunities. This is likely contributing to the current price surge and its potential continuation. If the trend persists, the TON token could reach its all-time high once again, with some predictions even suggesting a price as high as $10.
Despite a generally bearish market outlook, the selling behaviors of traders are evident in the STOCH(9,6) and STOCHRSI(14) indicators. Consequently, Toncoin’s recent price increase could encounter downward pressure.
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2024-06-25 11:00