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Toncoin Shows Bullishness; Will Ascending Triangle Trigger a Rally?

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TON performed exceptionally this year, as the coin gave more than 250% of the return in the first half of 2024. Moreover, Toncoin has also shown growth regarding TVL, holders, and social sentiments, hinting at a bullish rally in the upcoming sessions. 

Toncoin (TON) Social Sentiments Spiked 

Toncoin social metrics like social dominance and social volume have increased in recent trading sessions. It showcases TON’s increasing popularity in the last few days.

The increased social dominance signifies that conversations about the Toncoin have increased compared to all other crypto talks. Moreover, it also highlights that TON is making buzz and a hot topic in crypto media.

However, the increased social volume means that the mentions count of TON in posts, messages, or comments is increased on social media platforms like Telegram, X, and Reddit.

The price will be positively impacted if social metrics increase more in the upcoming sessions.

Toncoin is Trading in a Triangle Pattern: Will It Breakout?

Toncoin formed a potential ascending triangle pattern, which is a bullish signal. TON started its rally in February 2024, taking a surge of more than 500%. However, resistance from the $7.37 level was increased multiple times after the surge. 

Meanwhile, the trend was bullish, as the coin was trading above the key exponential moving averages, showcasing bullishness.

TON gave an outstanding performance throughout the year as it gave 214.08% return year to date, grew by 250.00% in the last 6 months, 190% in the last 3 months, and 17.22% in a week. The data shows that Toncoin is consistently generating impressive returns for investors.

At the time of writing, Toncoin (TON) was trading at the level of $7.37 with an intraday drawdown of 1.35%. At press time, the market cap stands at $18,018,977,862, and the 24-hour volume is $393,060,521.

The Circulating supply of the TON is 2,430,196,235 TON, and its fully diluted market cap is $37,882,099,110. On Jun 05, 2024, TON hit its all-time high of $7.78, which is a 1788% growth from the all-time low price of $0.3906. 

Toncoin Indicators Point Bullishness

According to the technical summary on TradingView, out of 26 indicators, 2 are on the sell side, 9 are on the neutral side, and 15 are on the buy side. It shows that the indicators are giving buying indications and demonstrating a positive perspective for the TON crypto price.

Moreover, the total number of holders increased from March 10, and TON also witnessed significant TVL growth in the last 4 months. This data showcases that the confidence of the TON investors has increased in the last few months as the TVL grows.

Summary

The Toncoin price is bullish on the daily technical charts. Indicators are also pointing towards the bullishness in the upcoming sessions. The recent TVL and holders’ growth signifies the boosted confidence of the investors in the TON.

Disclaimer

The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.

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