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Highlights
- An ascending trendline in the daily chart prevents the Toncoin price from major correction.
- A confluence of several technical levels at $6 creates a crucial support zone for crypto buyers.
- The intraday trading volume in Toncoin is $282 Million, indicating a 39% decrease.
Toncoin Price Prediction. The cryptocurrency market initiated June on a bullish note as the Bitcoin price rebounded from $67000. This upswing hitting a mark of $70000 hints the BTC escaped from two weeks of consolidation and continued of prevailing rally. The renewed demand pressure has uplifted the majority of majors including Toncoin. With a 2.6% intraday, the Ton price is preparing to rechallenge the All time-high resistance of $7.5.
Also Read: Bitcoin ETF Inflows Propel BlackRock, Fidelity, Invesco Into Top 10 ETF Issuers List
Market Sentiment Boosts Toncoin as Whale Activity Jumps 237.5%
The mid-term trend trend in Toncoin is still bullish evidenced by the ascending trendline in the daily chart. This dynamic support intact since late March has bolstered the formation of a new higher low— a sign of an established recovery trend.
However, with the broader market consolidation, the TON price struggles to surpass the supply pressure at $7.5. This horizontal resistance and the aforementioned support are the major driving forces behind TON’s current market movement.
Amid the renewed market sentiment, the Toncoin price is up 11.5% in the last 72 hours to trade at $7.
Moreover, the number of large Toncoin (TON) transactions, each exceeding $100,000, has surged by an impressive 237.5% within the past 24 hours. This data, highlighted by renowned trader Alicharts, points to a noteworthy increase in whale activity within the Toncoin network.
The number of large #Toncoin transactions (over $100,000) has surged by 237.5% in the past 24 hours!
This significant increase in $TON whale activity suggests a strategic shift in their investments and positions. pic.twitter.com/iEHWFgxcp1
— Ali (@ali_charts) June 3, 2024
The data, sourced from IntoTheBlock, reveals that in the last 24 hours, there have been 27 large transactions, marking a sharp increase from the 7-day low of just 5 transactions on May 27, 2024. This uptick suggests that large investors are making strategic moves, possibly indicating a shift in their investment positions and strategies.
If the bullish momentum develops, the TON price could rise 7.2% and challenge the current peak of $7.5. With this altcoin poised to enter price discovery mode, the traditional pivot level indicator marks potential resistances at $9, followed by $10.6.
Also Read: 5 Top Layer 2 Crypto Projects To Bag if Bitcoin Breaks $72,000
Technical Indicator
- Pivot Level: If the Toncoin loses the ascending support trendline, the price could find suitable support at $4.7.
- Moving Average Convergence Divergence: A bullish crossover between the MACD (Blue) and the Signal (orange) line above the neutral regions indicates the bullish sentiment restoring towards this asset.
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