The Toncoin price is in focus today, as it has pumped 1% in the past 24 hours, with the TON/USD trading at $6.84. Moreover, the price of Toncoin has been up 8% in the past week and a whopping 391% in a year, underlining its credentials as one of the fastest-growing tokens in the crypto market. On the other hand, its 24-hour trading volume has slumped 27% to $293 million, suggesting a fall in market activity.
As per Coinglass data, a 3.79% drop in the Open Interest (OI) to $259 million may appear too small, but with the volume sliding 47% to $330 million, it signals a potential cooling-off period in the market. It can also be interpreted as a consolidation phase following heightened volatility or a shift in investor sentiment.
Meanwhile, The Open Network (TON) Ventures, a new venture capital (VC) firm, has officially launched a $40 million fund. The project aims to support early-stage crypto projects growing in the TON ecosystem.
Toncoin Statistical Data
Based on CoinmarketCap data:
- TON price now – $6.84
- TON market cap – $17 billion
- TON total supply – 5 billion
- TON circulating supply – 2 billion
- TON ranking – #8
TON Aims for a Continued Rally Above the Rising Channel
The Toncoin price has flipped bullishly today as it trades within the confines of a rising channel. The TON bulls are showing resilience as they target the $10 mark in the coming days. The technical indicators in the TON market flash bullish, suggesting dwindling seller momentum. Meanwhile, the bulls have flipped the 50-day and 200-day Simple Moving Averages into support at $6.62 and $1.57, respectively. Moreover, the short-term Moving Average (50-day) (MA ) has flipped above the long-term MA(200-day), resulting in a golden cross. Often, traders and investors term this golden cross as a bullish trend in the market.
Moreover, the Relative Strength Index(RSI) is above the 50-mean level, currently at 57. Its position above the 50-mean level suggests that the bulls are in control. Furthermore, its position below 70 indicates significant upside potential before TON is considered overbought.
On the other fence, the Moving Average Convergence Divergence (MACD) is also northbound, pulling away from the signal line, which means it is delaying the sell signal. The momentum indicator upholds a bullish outlook, having crossed above the orange signal line. This suggests traders and investors should consider rallying behind TON, especially with the momentum indicator above the neutral 0.00 area.
Toncoin Price Prediction
According to the technical analysis in the 4-hour chart above, the bulls are in control. Meanwhile, if the buyers increase their buying appetite at this level, the TON price could soar. This is evident as the golden cross at $6.57 could enable the bulls to hit $7 in the next 24 hours. Moreover, increased buying pressure will cause the price of Toncoin to reach $10 in the coming days.
Conversely, the TON price could drop if the sellers step in at this level and the whole crypto market turns negative. While the levels between $6.62 and $6.57 remain critical to watch, only a slip below $6.57 would invalidate the bullish thesis.