Toncoin Price Prediction: $7.5 Breakout In Sight As Whale Transactions Escalate

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.

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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.

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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.

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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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