Key Points
- TON is 2.5% away from its all-time high.
- It became the 8th largest cryptocurrency by market cap after overtaking Dogecoin.
- The coin surged up the rankings thanks to significant gains in the last 24 hours.
- Technical indicators suggest there is a strong buying zone.
Toncoin has been the standout performer in 2024, with phenomenal growth seen since the start of the year when it was priced at $2.3. Currently sitting at $8.03, just shy of its recent ATH of $8.24 — set just two weeks ago — this is no ordinary bull run for Toncoin which continues to shine against neutral market sentiment as indicated by Fear and Greed Index readings.
The #TON price is now just 2.5% away from the all-time high target after beating #Dogecoin for the 8th position in the market. Will it surge to the new #ATH?#CryptoNews 👇https://t.co/Ajru5JNbnr
— Crypto-00711 (@00711Crypto) July 3, 2024
Market leapfrogging
Toncoin used to be ninth on CoinMarketCap until recently overtaking long-time eighth placed holder Dogecoin whose price has struggled stuck at around $0.1238 giving it a market capitalisation value of only about $17.94bn compared to Toncoins that now stands at over $19bn following a recent surge within 24 hours that saw an increase of about 5%.
Strong Performance Amidst Bearish Sentiment
The recent resilience shown by TONCOIN during these past few days could easily go down as one for the books considering bearish trends seen across cryptos during same period where most coins have lost anywhere between 5%-20%.
This steady appreciation in value points towards increased investor trust backed up major announcements coupled strategic investments made into this digital asset class – not surprising given how well certain other tokens have performed recently too such those related with gaming industry especially esports scene What’s Causing All-Time Highs?
Bitcoin dominance fell from54.4%to53.7%, creating room for altcoins like TON to shine.
Astana Financial Services Authority (AFSA) approved trading of TONCoin following a visit by Pavel Durov, co-founder of Telegram to Kazakhstan which led increase visibility and demand for this token.
Pantera Capital recently announced that they had increased their investments into TONCOIN thereby driving even more demand upwards on the price charts. This is in addition to other developments such as ongoing TON investment rounds targeting minimum institutional investors with stakes worth at least $250k Will We See New ATH Prices Soon?
From a technical standpoint, all indications are pointing towards an upward trend for TONCOIN over these next few days. Moving averages across different periods (5, 10, 20, 50,100 & 200 days) clearly show dominance by buyers while some key technicals indicators like MACD STOCH(9,6) Bull Power(13) Highs/Lows(14).
However according to some indicators like STOCHRSI(14) and Williams %R it seems as if the token may be overbought which could limit its upsided potential from current levels
Relative Strength Index currently stands at63.285 which indicates strong buyer’s presence in the market but given that it is inching closer towards overbought territory we might see reversal once price hits this region.
The critical support level to watch out for is $7.9772; any break below this point would confirm bearish scenario henceforth one should pay attention whether momentum continues pushing Toncoin unto new ATH
