TON Price Is Rising Again Favoring The ATH; What’s Happening?
Toncoin has recently made a new milestone of surging to a high of $7.78 after rising for days, but the price declined moments after that. However, another trend favoring the surge to a new all-time high target appears in the Toncoin price charts today. At the time of writing, the TON price is $7.55 after a 3% surge in the last 24 hours, with a market cap of $18.3 Billion after the same surge. Interestingly, this surge is the result of increased network activity, causing the trading volume to rise to $508.9 Million with a 90% hike.
In this blog, let us discuss what is happening with the TON price and how high it can grow.
Why Is The TON Price Surging?
Though the crypto market was under the influence of bear, impacted by the investor’s sentiments, today is different. Many cryptos, including the TON, have significantly recovered under the influence of Consumer Price Index (CPI) data. Moreover, the FED has kept the interest rate at the same rate despite the planned interest rate cuts this year.
Additionally, Toncoin has witnessed a big surge in the number of daily active users, which is higher than Ethereum. Telegram, the popular social media platform’s 900 Million users is behind this surge, helping increase network activity and growing buying pressure in the market.
The network has now locked $1 Billion in total value, with the increased number of Toncoin wallets from 1.28 to 8 Million, indicating surging demand among investors.
How TON Price Can Rise With The Ongoing Surge?
TON price is already rising, continuing the trend for hours now, and many more might come. Crypto analyst Ali Martinez predicted Toncoin price to gain a 40% surge, which can push it to a minimum of $11.
#Toncoin is gearing up for a potential 40% breakout, aiming for $11! However, the TD Sequential indicator suggests $TON might briefly dip to $7.2 to gather liquidity before the upswing. pic.twitter.com/jMoZ1ugEga
— Ali (@ali_charts) June 13, 2024
Not only that, but many other analysts believe the same, where Andrew Kang has said,
TON is looking to be one of the biggest growth stories of this cycle
Apart from these, the technical indicators and moving averages indicate the strong buy zone for this altcoin, aiding with the ongoing TON price surge. All the moving averages, including the simple and exponential ones for all the day differences ranging from 10 to 200, represent the buying zone. Moreover, the Relative Strength Index (RSI) is 63, and the MACD (12,26) level is also in the buying zone.
As per these indicators, the probability of continuation of the ongoing price surge is really high. The TON price is just 2.76% away from the ATH of $7.78, and with the continuation of the trend, it will achieve that in the next few hours. Lastly, if Ali’s prediction comes true, Toncoin will target $11 in the upcoming days.
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