- Toncoin price has increased by 20% in the past 2 days, showing buyers’ involvement.
- Toncoin price is at an all-time high.
- The RSI is at 67 and heading for the overbought zone.
The Toncoin (TON) price has been in a strong bullish trend and has gained about 160% since March and recorded an all-time high of $7.67 on April 11, 2024. The price faced resistance from the $7 hurdle and lost around 36% in 20 days.
The asset price dropped to the demand zone and witnessed strong buying pressure. Toncoin price has gained 46% in a week by surpassing the 20-day exponential moving average.
When writing, the Toncoin price was trading at $6.98 with an intraday gain of 8.94%. The market capitalization is $24.24 Billion, and according to the market cap, it ranks 8th in the cryptocurrency market. The 24-hour trading volume is $645.59 million, with a gain of 150%.
Price vs. Daily Active Address Analysis
The daily active addresses have increased by 500% since March, which has helped the price remain bullish. Daily active addresses have surged by 100% this month, and the price has also performed bullishly. If the address activity decreases daily, the price may react negatively.
Toncoin Price at All-time High; What’s Next?
The Toncoin price has been on a strong bullish trend and has reached an all-time high. The bullish momentum is supported by the trading volume, which shows the bulls’ strength. The bullish trend was disturbed near the $7 hurdle and dropped. However, the price has attempted again and reached near the last swing high.
With good buying momentum, the TON price has extended to the last swing high. If the trading volume decreases and the chart structure forms a bearish candlestick pattern, it may take a reversal from the $7 mark, and profit booking can be seen.
Alternatively, if the digital asset price surpasses the last swing high, it would record an all-time high. Suppose the trading volume and daily active addresses increase; the bullish trend may continue in the long term.
Based on the technical indicators, the TON is trading over the key moving average, which showcases the bullish trend. RSI has exceeded the RSI-based moving average, which demonstrates the positive momentum.
Conclusion
Toncoin has shown a solid bullish trend with an all-time high price and increased daily active addresses. The surge in trading volume has been a key factor in the bullish momentum.
However, if the trading volume decreases and bearish patterns emerge, it may lead to a reversal from the $7 mark. On the other hand, if the trading volume and daily active addresses continue to increase, the bullish trend may continue for the long term.
Technical Levels
Following the chart structure, the Toncoin price has a major support level of $7; another level would be $2.50. On the other hand, the $7 and $10 mark can work as a resistance level.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.