- TON price increased 16.40% in the last seven days.
- The current price is hovering below the $7.96 supply zone.
- 24-hour trading volume has reached $382 Million with an increase of 20.98%.
Toncoin (TON) is an open-source, decentralized blockchain network supported by many network contributors, including Ton Fondation. It utilizes the proof-of-stake (PoS) consensus algorithm to secure network transactions.
The crypto has delivered significant growth for the past few months. On the other side, crypto whale holdings have also increased in recent sessions, making this crypto a considerable asset.
Bulls are Rolling Over TON
The cryptocurrency experienced a massive rise in March 2024, with over 110% of positive returns. This made a significant change in market sentiment, intriguing many buyers to take part in the next sessions. In April 2024, the price experienced an instant rise and initial profit bookings afterwards.
However, the price reached an all-time high during the April session, which the buyers are trying to break in the current sessions. Regarding the market cap, TON crypto is among the world’s top 10 most dominant cryptocurrencies. And it is currently outperforming the global cryptocurrency market.
Price to Volume and Social Dominance Analysis
According to the chart, social dominance has a strong influence on the Toncoin crypto price. The price hikes have been reflecting a correlation with social sentiments.
In recent sessions, the social tweets about the TON crypto reflect positive hikes, capturing over 2.2% dominance in the crypto world. However, the price remains steady above $5.62, showing the increasing trust of market participants.
Technical Analysis of Toncoin (TON/USD)
![TON](https://themarketperiodical.com/wp-content/uploads/2024/06/image-112-1024x447.png)
The long-term bullish view is reflected above the key exponential moving averages (EMAs). The 50-day EMA has acted as a dynamic support for the price and the 200-day EMA remains preserved for major changes.
A bullish resurgence in price can be seen from the $4.64 demand zone, resulting in the breakout of a trendline forming below. The price reflected an almost 60% rally from that demand zone and faced resistance from the $7.50 level.
It entered the consolidation phase, broken in the last three sessions. According to the market technicals, the current TON price reflects a bullish outlook.
The relative strength index (RS) is moving in correlation with the spot price momentum, indicating a neutral perspective on the price. At present, the RSI is upsloping at 67.59 toward the 70-mark upper band.
Summary
Since February 2024, the Toncoin price has been performing with strong bullish sentiments. Crypto also recorded over 200% year-to-date positive returns. The price created an all-time high level of $7.78, which the bulls are trying to break with the current rally. TON is reflecting a bullish view according to the market technicals.
When writing, the resistance for the TON price was $8.81, while the $4.64 level was the next support. A price rise can be seen if the price surpasses the upper resistance. Similarly, if the price slips below the mentioned support, a fall in price can be expected.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.