Toncoin (TON) Price Rise to ATH: Further Up or Down?

After months of shallow recovery, bulls took over Toncoin, leading to a massive price surge to a new all-time high of $7.78. This is not the first time TON has shown such a lucrative nature, as early as early March, the altcoin saw a similar push to hit a peak that is old hat. Is this it? Will TON price see a downward trend or will the bulls push the value further up? Let’s discuss this question in this blog.

What is driving TON price to a new high?

Toncoin has been enjoying a good momentum since the beginning of the year, with its price rising from $2.2 to $7.78 in just six months. With 3x gains, TON has become the most favored cryptocurrency among investors, replacing Shiba Inu as a top 10 cryptocurrency. Toncoin’s price continues to rise due to surging demand from the crypto community. Moreover, the ongoing bullish market sentiment has undoubtedly helped this rally.

On top of that, as explained by cryptocurrency analyst Ali, on June 3, 2024, whale activity holding more than $100,000 worth of tokens increased by 237%. As whales accumulate, buying pressure from altcoin investors increases.

In addition to Telegram, Notcoin also added to the popularity of Toncoin. This newly launched meme coin on the open network has seen huge gains in the past few days. As of now, Notcoin is priced at $0.0225 after a 350% increase.

Where will TON price go next?

Although TON price has retreated 5% from its ATH, the bullish nature of the altcoin remains at its peak. According to technical analysis, including simple and exponential moving averages, Toncoin is in a strong buy zone, which could push its value further up. Moreover, the Moving Average Convergence Divergence (MACD) and momentum indicators also suggest the same.

However, the relative strength index is around 68, which is closer to the overbought zone. If the index rises above 70, a price reversal may occur, pushing the TON price lower. As of now, investor greed is high and the TON price may surge to $7.85 in the coming days. #BTC走势分析 #ton