As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility and price rallies. The recent surge in Toncoin (TON) price, leading to a new all-time high of $7.78, is not the first time this altcoin has shown such profitability. Back in March, TON experienced a similar price rally, only to see a downtrend afterward.
After several months of modest gains, the buying force took control of Toncoin, resulting in a significant price surge and a new record high of $7.78. It’s important to note that TON has displayed this profitable behavior before, as it experienced a similar spike in March, reaching a peak that is now in the past. The question remains: Will the TON price trend downward next, or will the bulls continue to drive up its value? Let’s delve deeper into this topic in our upcoming blog post.
What Pushed The TON Price To New ATH?
As an analyst, I’ve observed that Toncoin has experienced significant growth since the beginning of the year, with its price rising from $2.2 to $7.78 within a six-month span. This represents a 3X increase, making Toncoin a highly sought-after cryptocurrency among investors and pushing it up the ranks to overtake Shiba Inu in the top ten digital currencies. The escalating demand for Toncoin within the crypto community continues to drive its price upward. Furthermore, the prevailing bullish market sentiments have undeniably amplified this rally.
Significantly, according to crypto analyst Ali’s assessment, there was a notable surge of 237% in whale transactions valued over $100,000 on June 3, 2024. Consequently, this accumulation by the whales led to an escalation of buying pressure amongst altcoin investors.
In the last 24 hours, there has been a significant increase of 237.5% in the count of large #Toncoin transactions valued over $100,000 each.
The surge in whale-sized transactions involving $TON indicates a possible change in their investment strategies or portfolio arrangements.
— Ali (@ali_charts) June 3, 2024
Together with Telegram, Notcoin is gaining traction as an additional attractive option within the Toncoin community. This newly introduced meme coin on The Open Network has experienced significant growth in the past few days. Currently, the price of Notcoin stands at $0.0225, representing a substantial 350% increase.
What Is Coming Next For TON Price?
The price of Toncoin has deviated by 5% from its all-time high, but based on technical analysis, its bullish trend remains robust. According to various indicators like simple moving averages, exponential moving averages, and momentum indicators, Toncoin is currently a strong buy. Additionally, the Moving Average Convergence Divergence (MACD) signals further price growth.
The RSI, or Relative Strength Index, currently stands at approximately 68. This value is near the overbought threshold of 70, implying that a potential price reversal could occur, resulting in a decrease in TON‘s price. Currently, investor sentiment is marked by significant greed, potentially leading to a rise in TON’s price towards $7.85 within the coming days.
Continue Reading 4 Top Altcoins Set For 100X Gains In June 2024
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2024-06-05 10:34