As an experienced analyst, I have closely monitored the cryptocurrency market for years, and I must admit that Toncoin’s (TON) recent breakout and golden-cross formation have caught my attention. The new all-time high of $7.64 with a market cap of $18.5 billion makes TON the ninth largest cryptocurrency in the world.
As a researcher studying the cryptocurrency market, I’m excited to report that Toncoin (TON), the native currency of The Open Network’s Layer-1 blockchain, has experienced a significant breakthrough and reached a new all-time high. Currently, Toncoin is priced at $7.64, representing an 8.53% increase from its previous value. Additionally, this price surge has boosted Toncoin’s market capitalization to a staggering $18.5 billion, placing it as the ninth largest cryptocurrency in the current market landscape.
Toncoin Challenges Dogecoin With Golden-Cross Formation
Based on the technical analysis of Toncoin’s chart, the 50-day moving average line has intersected above the 200-day moving average line, resulting in a “golden cross” pattern. This bullish indicator suggests that Toncoin could experience a prolonged price increase in the long term. Consequently, market sentiment towards Toncoin has shifted to a bullish stance as a result of this golden cross formation.
In the given chart, the RSI indicator indicates a favorable position at the 62 level, implying more potential for price increase before reaching the overbought zone. Additionally, social volume and dominance for TON have displayed bullish trends over the last five days. Historically, such a surge in social metrics has typically signaled an upcoming market uptrend.
As a researcher, I’ve noticed an uptick in the number of TON holders concurrently, which indicates growing confidence among investors. At present, the Toncoin price is encountering resistance around the $8.0 mark. Overcoming this hurdle could potentially trigger more bullish momentum and propel the price towards $10 and beyond.
Strong Network Growth
As a network analyst, I’ve noticed an impressive surge in growth for the Toncoin blockchain network. This is largely due to the influx of DeFi developers who have been drawn to the platform. In addition, the total value locked (TVL) on Toncoin has nearly reached the $1 billion mark.
The number of active Toncoin wallets has experienced a significant increase, rising from approximately 1.28 million at the start of 2024 to more than 8 million currently. Additionally, Toncoin has shown impressive progress in the tap-to-earn niche, going head-to-head with platforms such as Notcoin which boasts over 30 million users and a market capitalization of $1.8 billion.
One significant player in the Toncoin community is TapSwap, with a vast international user base numbering 49 million. Their forthcoming airdrop aims to invigorate user participation by simplifying the process of exchanging tokens for fiat currency.
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2024-06-13 08:02