Toncoin price, an altcoin linked to Telegram, has seen remarkable price growth. The TON price rise reflects increasing bullish momentum and increased trading activity, positioning the cryptocurrency closer to its all-time high (ATH). This upward trajectory aligns with the broader market recovery, where digital assets have posted significant gains.
Toncoin price on track for ATH as market turns bullish
The price of Toncoin has recently seen a remarkable rise, bringing it closer to its all-time high. Currently, TON price is trading at $7.08. The cryptocurrency has gained 7% in the last 24 hours. This bullish momentum follows a notable 15% increase over the past week and an impressive 25% increase over the past month.
The previous all-time high for Toncoin, recorded on June 15, 2024, was $8.24. The token appears poised to challenge this milestone under current market conditions. This suggests that Toncoin could soon reach $7.50, and potentially climb as high as $8 in the near term if the uptrend continues.
Wednesday saw a crypto rally across the market, fueled by optimistic sentiment. Bitcoin price surpassed $96,000while several altcoins saw gains, contributing to the positive outlook.
The relative strength index (RSI) stands at 64, indicating neutral momentum but an upward trend as it approaches the overbought zone. This move suggests potential bullish interest in the asset.
The Chaikin Money Flow (CMF) indicator on the 4-hour chart is at 0.20, highlighting positive capital inflows into TON, further supporting a bullish narrative.
Toncoin Derivatives Rise Amid Market Growth
The Toncoin derivatives market saw a surge in activity, with a remarkable 63% increase in trading volume, reaching $644 million. Open interest also increased significantly, seeing an 11% increase to $286 million.
Options volume and open positions have seen steady growth, reflecting increased investor interest and increased market participation. These trends highlight the expansion of derivatives activity for the first layer blockchain and its growing appeal among traders.
In conclusion, Toncoin’s price movement highlights its resilience, although maintaining this momentum remains difficult. As market momentum builds, traders are closely monitoring Toncoin’s path to regain its previous high ATH.
Frequently Asked Questions (FAQ)
Toncoin’s ATH was $8.24, recorded on June 15, 2024.
Toncoin is targeting $7.50, with the potential to reach $8 if momentum continues.
The market is in a bullish phase, with Bitcoin stable at $96,000 and altcoins rallying.
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Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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