Toncoin (TON), a Telegram-based cryptocurrency, has seen a notable price surge over the past 24 hours following market recovery. The TON price has recently been showing positive momentum, with green trends dominating the charts.
The altcoin is currently priced at $7.68, with an increase of 3.20% during the US trading hours. This upswing is reflected in the cryptocurrency’s market capitalization, which now stands at $18,888,049,748, securing its position as the eighth-largest by this metric. Trading volume has also been active, totaling approximately $262,407,075 in the last day.
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Toncoin Price Prediction: What’s Driving the Bullish Surge?
Toncoin has recently experienced a remarkable surge in value, jumping above the $7.50 level within just a week. This significant increase highlights an ongoing bullish trend. Over the past seven days, the price of Toncoin has climbed by an impressive 7%.
This upward trajectory continues from a month-long rally, during which the cryptocurrency’s value skyrocketed by over 19%. This performance has positioned TON as a leading altcoin in terms of growth. On June 15, the price of Toncoin reached a monthly high of $8.24.
The increase in TON’s network activity can be attributed to the growing popularity of crypto mini-games playable on Telegram. Games like Dotcoin, Catizen, and Hamster Kombat feature simple mechanics that allow users to earn in-game currencies. These games potentially lead to real token airdrops.
USDT Circulation Hits New Heights on TON Network
As reported, the circulation of USDT stablecoins on The Open Network (TON) has exceeded 500 million. The latest update showed 519.28 million USDT stablecoins on the TON network.
This milestone comes approximately two months after Tether introduced the US dollar-backed stablecoin on TON, alongside its gold-backed stablecoin, XAUT.
📈 #Tether‘s $USDT stablecoin circulation on @ton_blockchain has surpassed 500M, hitting 519.28M as of Tuesday.
The network’s TVL also grew to $670M, boosted by Web3 integrations and popular mini-games on Telegram. pic.twitter.com/lh1jEJbe9J
— Satoshi Club (@esatoshiclub) June 26, 2024
The demand for USDT-TON is rapidly increasing, which is unsurprising,” noted The Open Network in a statement via its official Telegram channel. “The ability to seamlessly send digital dollars globally, akin to sending a text message, showcases the practical utility of USDT-TON.”
Earlier this month, the total value locked in the TON blockchain surpassed $650 million, doubling from just three weeks prior. According to DefiLlama data, TON’s total value locked has exceeded $683 million.
Technical Analysis: Bullish Signals Prevail
Toncoin could see significant price movements soon. If it breaks through the $8 resistance level, its value might quickly climb to $9. This surge could then push TON past the crucial $10 mark. Conversely, a shift in market sentiment could cause a downturn.
TON might drop to a $7 support level. If the downward trend continues, Toncoin could further decrease to around $6. These potential movements suggest a volatile period ahead for Toncoin, reflecting broader market trends.
The 24-hour technical indicators for the TON/USD pair reveal mixed signals. The MACD (Moving Average Convergence Divergence) shows a slight uptick, with the histogram moving closer to the baseline, suggesting a reduction in bearish momentum. However, it remains below the signal line, indicating potential caution among traders.
The 20-Exponential moving average is currently above 50-EMA, indicating a bullish trend in the market. The RSI (Relative Strength Index) is positioned at 58, comfortably below the overbought threshold of 70. This positioning points towards a stable market sentiment without immediate signs of overvaluation.
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