Toncoin has been the most hyped cryptocurrency of the year, with impressive growth since its inception. The TON price was $2.3 at the beginning of the year and has already risen to $8.03, just 2.58% from the all-time high target of $8.24. More curiously, the ATH was set just two weeks ago, and another comparable surge is causing Toncoin to outperform the competition.
Interestingly, the spike occurs during unfavourable market conditions, as the Fear and Greed index shows investors’ Neutral attitudes.
Ton price surge led to Dogecoin’s overtaking of the market.
Toncoin was once rated ninth on Coinmarketcap, based on market capitalization. And Dogecoin was ranked eighth for a long time, establishing its supremacy among meme currencies and the general market. However, because Dogecoin has been struggling for a long time at $0.1238, its market capitalization has been confined to $17,942,271,166. With the Toncoin price growing, its market capitalization has increased to $19,750,250,837, surpassing Dogecoin’s market position.
TON Price Analysis
This makes it even more unique, as its present value has increased by 5% in the last 24 hours. Before this, the TON price drifted laterally.
Why is Toncoin’s price rising?
Many altcoins, like Toncoin, have previously struggled, but with Bitcoin’s dominance dropping from a peak of 54.4% to the current 53.4%, they have witnessed a considerable increase in market share.
More crucially, Kazakhstan Exchanges began trading Toncoin following clearance from Kazakhstan’s Astana Financial Services Authority (AFSA). Pavel Durov, the co-founder of Telegram, recently visited Kazakhstan at the invitation of the Minister of Digital Development and Innovation, Ahaslan Madiev. This AFSA permission is tied to their relationship because Telegram has long embraced Toncoin and has used it as the platform’s ad revenue-sharing arrangement.
Following several applications from the participants, the Astana Financial Services Authority has reviewed and approved Toncoin for Trading on Digital Asset Trading Facilities in AIFC. Full list of digital assets approved by AFSA: https://t.co/nwdpa5S0mA.#AFSAinforms pic.twitter.com/k6EI8ioBUW
— Astana Financial Services Authority (@AFSA_KZ) June 28, 2024
Pantera Capital, a venture capital firm, has also upped its stake in Toncoin, which explains why the TON token is in high demand. The upcoming TON fundraising round has attracted investors with a $250,000 minimum stake per participant.
Can TON Price Reach New ATH?
Toncoin’s technical indicators and daily chart moving averages point to a solid buying zone. Moving averages (5,10,20,50,100,200) imply that buyers dominate the market. Technical indicators such as MACD, STOCH(9,6), Bull/Bear Power(13), Highs/Lows(14), and many others suggest the same. However, the STOCHRSI(14) and Williams%R imply overbuying of the coin, which could be limiting considerations.
The Relative Strength Index (RSI) is 63.285, indicating the buyer’s dominance. However, it is approaching the overbuying zone, which might cause a trend reversal and the TON to plummet. Bulls now favour the TON surge, which might reach the ATH. However, the price may fall if the price crosses the support at 7.9772.
