Toncoin Price Eyes $10 Amid Optimistic Market Sentiments

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. 

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 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. 

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.

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. 

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.