Toncoin is gaining momentum again, surging 5% in value in the last 24 hours after facing a drop to $6.8 earlier. The Toncoin price has now moved to $7.59 after a 26% surge in its trading volume to $401,389,228. The impact of the surge is also on the token’s market capitalization, as the surge to $18,643,470,157 brought it back to the 8th top position in the market.
So, is it just an accidental gain? Or the Toncoin price is aiming for higher recovery? Let us discuss that in this blog.
Reasons Why Toncoin Price Is Rising?
TON is among the most demanding cryptocurrencies because of its continuous gains this year. It has made 224% in YTD% and has marked its presence in investors’ portfolios, especially with its collaboration with Telegram. It has recently peaked at a new all-time high of $8.24, offering high returns to its holders.
As it was in high demand, a slight push was enough to increase the network activity, which is what happened today. Toncoin has witnessed $10 Billion in daily transactions, which is almost 10% of Bitcoin’s volume. This increase in daily transactions is because of the increasing number of holders. In a year interval, the TON holders have increased by ten times, currently at 32 million, and the credit for that goes to the high user count of Telegram, the famous social media platform.
On-chain metit iss of $TON are going parabolic!
“The transfer volume ranges between $5.0B ~ $10.0B. For comparison, #Bitcoin‘s average daily transfer volume is around $50.0B. This indicates that #TON has already achieved between 10% Bitcoin’s capacity.” – By @JA_Maartun
Read… pic.twitter.com/56VjsAGOwL
— CryptoQuant.com (@cryptoquant_com) June 20, 2024
Not only this, the 24-hour trading volume has also increased, where it is currently at $400 Million as more funds moved into it. It is a huge recovery as the volume has declined to the $200 million range previously, initiating slow days for this crypto. But now, as the user’s interest rises again, the Toncoin price has begun to move upwards. Additionally, Coinglass data indicates a 2% surge in the Open Interest, currently at $296.29M, which is on the higher side. It is a sign of the increased engagement in TON’s derivatives market.
What Is Coming Next For Toncoin Price? Surge or Drop
There is a strong buying zone around Toncoin based on the moving averages and the technical indicator’s data. The Relative Strength Index is 56.966, indicating the buying of the TON token in the market. Moreover, the MACD (12,26) level is at 0.151, and the ADX(14) is at 23.17, also indicating increased buying. And this is not the end, as many others, including the Bull/Bear Power(13), indicate the same.
Lastly, the moving averages of all intervals beginning from 5 to 200 are in the buying zone, explaining the ongoing hike and its continuation as well. If the trend continues, TON price might rise to the current ATH, and many have claimed a rise as high as $10 Next.
However, the overall market’s sentiments are still not bullish to support the gains. The STOCH(9,6) and the STOCHRSI(14) explain the seller’s behaviors. So, the Toncoin price surge might face declining pressure.
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With years of love for reading and 5 years of content writing experience, I’m here, working on my favorite writings about cryptocurrency. I’m actively looking for trending topics and informational statistics to curate the best content pieces for crypto enthusiasts. Staying updated with trends and learning the basis and advancements of this field is the best part of the day.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
