Toncoin (TON) Price Rallies To ATH: Further Gains or Decline?

Technology

Toncoin Price Hits New ATH As Active Addresses Surge Surpassing Ethereum – Crypto News

Published

1 year ago

June 14, 2024

Dripp

Toncoin price rally is determined to reach unprecedented levels backed by dynamic community engagement. According to CoinGecko data, TON is 1.1% shy of the all-time high of $8.01 achieved on June 14. Should this bullish outlook ignore Bitcoin’s downtrend below $67,000, TON might reach a new all-time high triggering price discovery above $10.

Toncoin Price 5% Surge Mirrors Surging Network Growth

The Open Network, which powers Toncoin (TON) has become a force to be reckoned with allowing new projects to incubate before going public. Some of the most recent successful token launches include Notcoin (NOT) and Hamster Kombat. More Telegram-based games and tokens are anticipated on The Open Network (TON) including Tapswap and Yescoin.

“After the huge @thenotcoin airdrop and the @hamster_kombat hype, other Telegram-based games are coming to The Open Network (#TON).” 💎

Via @decryptmedia ⬇️https://t.co/6lHhXlHQhW

— TON 💎 (@ton_blockchain) June 14, 2024

Telegram has become one of the most sought-after cryptocurrency spaces, allowing people to collaborate on projects. Developers and founders also take advantage of the massive social community on the platform to introduce their initiatives into the market.

Toncoin being at the centre of this demand continues to benefit the most. Based on blockchain data shared by Unchained on X, TON’s daily transactions now surpass those of Ethereum despite being the largest smart contracts platform in the industry.

“While lagging behind Solana, TON’s daily active addresses have exceeded Ethereum’s figures every day except for one thus far in June. Some believe TON could close the distance in market cap with Solana,” Unchained wrote in a post on X.

Toncoin Flashes A Buy Signal: Time To Buy TON?

The toncoin rally is on the cusp of making history by reaching the highest level since its inception. This new momentum is one—community driven and two—the aftermath of TON breaching resistance highlighted in red on the chart.

Toncoin price chart | Tradingview

A bullish outlook from the Moving Average Convergence Divergence (MACD) indicator supports TON’s rally above $8. The buy signal which manifested when the blue MACD line crossed above the red signal line coincided with a new golden cross pattern.

Traders value the golden cross as it signals an uptrend’s continuity. It is established when a shorter-term moving average exceeds a longer-term moving average. In Toncoin’s case, the 20-day EMA recently crossed above the 50-day EMA validating the takeoff.

Now, bulls must uphold support above $8 or ensure TON remains secured on top of the red band. A daily close at this point would encourage more buyers to seek exposure thus building momentum for the next breakout beyond $10. Below $8, Toncoin will find support at $7 and $6 levels, respectively.