The Toncoin price hints at a recovery as the bulls step into the market, suggesting a bullish reversal. This comes as TON has retreated after reaching its intraday low of $6.42. The Toncoin price is currently up 0.1%, with TON/USD trading at $7.12. Moreover, its 24-hour trading volume has skyrocketed 46% to $746.89 million, suggesting a surge in market activity.
This comes as the Toncoin ecosystem expands with various projects and partnerships. Telegram founder Pavel Durov has hinted at the release of the Hamster Kombat token on the TON blockchain, introducing the benefits of blockchain to hundreds of millions of people.
Advertisement
.@durov: „Hamster Kombat has become the latest Internet phenomenon everyone's talking about. 239 million people have signed up for this Telegram mini app in just 3 months.
It took Hamster only 73 days to reach 100 million monthly users. Each day, 4-5 million new users join… pic.twitter.com/AK6r8717wU
— ICO Drops (@ICODrops) July 5, 2024
Further, Toncoin adoption has boomed with gaming projects like Notcoin (NOT) and Hamster Kombat on its blockchain, which have amassed nearly 350 million users since their launch.
On Thursday, Notcoin partnered with analytics firm Helika to establish an incubator for the next wave of Telegram games. The launch of the Telegram Gaming Accelerator focuses on developing mini-apps within Telegram and on TON.
Based on the success of Helika Accelerate, backed by $50M in funding, Notcoin and Helika will help game studious, mobile apps, and indie developers to build great gaming experiences on top of the Telegram platform and TON blockchain.
— Notcoin Ø (@thenotcoin) July 3, 2024
Toncoin Statistical Data
Based on Coinmarketcap data:
- TON price now – $7.12
- TON market cap – $17.75 billion
- TON total supply – 5.11 billion
- TON circulating supply – 2.49 billion
- TON ranking – #8
The Toncoin price is attempting a recovery after hitting a significant low of $6.42. The cryptocurrency retreated after reaching its intraday low of $6.42, jumping by around 5.50%. Doing so formed a long wick downward, which most traditional analysts view as a sign of bullish rejection.
Moreover, the TON bulls seem to exert some steam in the TON market, which could potentially initiate a bullish reversal. However, will they sustain this momentum?
The technical outlook paints the TON market bearish, tilting the odds towards the bears. To start with, the Relative Strength Index (RSI) remains suppressed below the 50-mean level. However, it has rebounded from the 30-oversold zone, currently at 41. Moreover, increased buying pressure could cause the momentum indicator to hurtle above the 50-mean level toward the 70-overbought zone. This outlook is not to be neglected, as the indicator points northwards, signs that the bulls might soon take control of the market.
In the same way, the Moving Average Convergence Divergence (MACD) is in negative territory, portraying a bearish picture in the TON market. However, despite the bearish outlook, the MACD teases with a pending buy signal. This will be executed if the MACD flips above the signal line and is confirmed by the RSI moving above the 50 threshold.
On the other hand, the TON price is trading below the 50-day and 200-day SMAs, with $7.405 and $7.598 acting as immediate resistance keys. However, the bulls seem poised to breach the resistance levels, as they have regained their $7.09 support level.
Toncoin Price Prediction, As Bulls Are Poised For A Bullish Reversal?
In the 4-hour chart analysis, the Toncoin price is trading with a bearish bias. However, if the bulls exert some pressure, they could flip the immediate resistance level (200-day) of $7.40 into support, targeting its major technical barrier at around $8.10.
Conversely, if the bears gain control at this level, the TON price might plummet to its intraday low of around $6.42.
Advertisement
