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Toncoin Crypto Price Surged, Amidst Notcoin Listing Announcement

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Toncoin’s position as a leading altcoin has been reinforced as its value continues to soar. The price of TON has experienced a significant surge, which has further enhanced its promising outlook over the daily chart.

The recent breaking update shows that the upcoming token launch of Notcoin, a popular and viral Telegram game, has announced that its token launch is scheduled for May 16, which has generated excitement and contributed to Toncoin’s upward momentum.

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Additionally, the recent announcements by Binance and OKX regarding their plans to offer billions of NOT tokens as rewards are stimulating Toncoin’s growth. Likewise, OKX has introduced a program where users are required to stake TON tokens for rewards, which has the potential to increase Toncoin purchases.

On top of that, Toncoin has gained support from dYdX Decentralized exchange and has been listed on Hong Kong’s HashKey exchange, further fueling its upward trajectory.

Unfolding The Toncoin Earlier Price Action

At press time, Toncoin was trading at $6.98, with an intraday gain of 8.94%. It has a market capitalization of $24.24 Billion, which portrays it as the 8th largest cryptocurrency in the market. The 24-hour trading volume was $645.59 Million, representing a gain of 150%.

With reference to the daily chart, the Toncoin’s price has been on a strong bullish trend, posting a gain of about 160% since March and reaching an all-time high of $7.67 on April 11, 2024. The price faced resistance at the $7 hurdle and lost approximately 36% in 20 days.

However, the TON asset price dropped to the demand zone and saw significant buying pressure. Toncoin has gained 46% in a week by surpassing the 20-day exponential moving average.

Decoding Toncoin Crypto Future Price Prospects On Daily Chart

The Toncoin price has recently been on a strong upward trend, reaching an all-time high. This uptrend has been supported by strong trading volumes, indicating the strength of the TON’s bullish sentiment. However, the price was unable to break the $7 resistance level and dropped slightly, before making another attempt to reach the previous swing high on the daily chart.

Moreover, with strong buying momentum, the Toncoin price has now reached the previous swing high. In continuation, if the trading volumes decrease and bearish candlestick patterns emerge, the price may possibly could highlight a reversal from the $7 level, with people taking profits from the assets.

On the other hand, if the asset’s price manages to surpass the previous swing high, it would set a new all-time high. If trading volumes increase, the bullish trend may continue for the long term.

Toncoin Price Outlook | By TradingView

Technical indicators show that the Toncoin price is currently trading above the key moving average, indicating a bullish trend. The RSI has also exceeded the RSI-based moving average, which is a sign of positive momentum, and MACD shows a bullish crossover in Toncoin.

Summary

Toncoin’s price has been on a strong bullish trend, reaching an all-time high. This bullish momentum has been attributed to a surge in trading volume. However, if the trading volume decreases and bearish patterns emerge, it could lead to a reversal from the $7 mark. Conversely, if trading volume and daily active addresses continue to increase, the bullish trend may continue in the long term.

The chart structure indicates that Toncoin has a major support level at $7, with another level at $2.50. The $7 and $10 marks may function as resistance levels.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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