Toncoin Price Eyes $10 Amid Optimistic Market Sentiments

Toncoin price experiences a notable uptick with a bullish trend on the horizon. Strong market confidence and trading activity suggest potential for further gains.
By Coingape Staff
Toncoin Price Positioned to Hit ATH Amid Growing Telegram Partnership Momentum.

Highlights

  • Toncoin's robust market performance highlights its rising investor confidence.
  • Trading volume up 141% indicates increased investor interest and market activity.
  • Increased trading volume and open interest point to heightened market enthusiasm.

Toncoin price, a Telegram-based altcoin, has recently experienced a significant upswing following a positive shift in the market. The TON strives to secure an upward trend, evidenced by a distinct rounding bottom pattern. 

This formation and robust intraday recovery position the altcoin among today’s standout performers. As the broader altcoin sector gathers pace, Toncoin’s surge hints at a forthcoming breakout. 

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Toncoin Price Demonstrates Strength as TON Rallies

According to IntoTheBlock data, about 83.76% of TON holders are “In the Money.” This indicates a strong profit margin. The current market price of TON is $6.75. In comparison, the average purchase price reported is $1.76. 

A smaller group, 0.66%, are “Out of the Money.” They face a market price lower than their purchase costs. The remainder are at breakeven or “At the Money.” Total holdings of “In the Money” investors are valued at approximately $28.25 billion. This reflects a positive investment outlook in the TON ecosystem.

Toncoin Price Surge 5% Eyes $10 Amid Optimistic Market Sentiments: More Bullish Ahead?
Source: Into The Block

Toncoin price has seen notable fluctuations in the past 24 hours. As of 19 August, the TON price hovered at $6.80, making a solid surge of 5% during the European trading hours. 

According to CoinMarketCap data, the trading volume has surged by 141%, indicating a significant increase in investor activity and market interest. The cryptocurrency’s market cap now stands at approximately $17 billion, positioning it as the 8th largest in market capitalization. 

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Can Toncoin Price Surpass $10 This Week?

The cryptocurrency is experiencing a notable rise in value, indicating a possible bullish trend ahead. TON could soon surpass the $7 threshold if this upward movement persists. With sustained momentum, the price may approach $9 and possibly hit $10 shortly.

The 4-hour technical indicators for Toncoin demonstrate a resilient upward trend. The Moving Average Convergence Divergence (MACD) indicator exhibits a bullish crossover. The MACD line (blue) overtakes the signal line (orange). This bullish signal is supported by increasing histogram bars, suggesting growing bullish momentum.

Toncoin Price Surge 5% Eyes $10 Amid Optimistic Market Sentiments: More Bullish Ahead?
Toncoin Price Chart: Source| TradingView
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Open Interest in TON Reflects Growing Market Enthusiasm

According to Coinglass data, the Toncoin market is witnessing a significant bullish trend. The derivatives volume has spiked by +254.04% to $620.43M. Open Interest has also seen a notable rise, up by +9.08% to $274.02M. This activity highlights growing investor confidence and trading enthusiasm in Toncoin. 

Toncoin Toncoin Price Surge 5% Eyes $10 Amid Optimistic Market Sentiments: More Bullish Ahead?
Source- Coinglass

However, if the market turns negative, the Toncoin price could stabilize around $6.7. If the downtrend continues, it might drop to roughly $6.5, signaling a bearish phase.

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Frequently Asked Questions (FAQs)

1. How can I purchase TON Coin?

You can buy TON Coin on popular cryptocurrency exchanges such as Binance, Coinbase, and Kraken. Alternatively, you can use the itez service to purchase TON using a bank card or SEPA.

2. Is investing in TON Coin a good decision?

IInvesting in TON Coin, like any cryptocurrency, involves risks due to market volatility. It's important to conduct your own research. The coin's recent partnership with Telegram may enhance its credibility and potential as an investment.

3. What is the Telegram Open Network (TON)?

The Telegram Open Network (TON) is a blockchain platform initially developed by Telegram and now managed by the TON Foundation. TON's design allows it to distribute computational loads across multiple chains, ensuring fast and efficient processing.
Coingape Staff
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