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ThecoinrepublicCryptocurrencyIs Toncoin Price Ready For A Big...
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Is Toncoin Price Ready For A Big Leap Towards The $10 Mark?

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While the major cryptocurrencies are struggling to gain traction in the recent sessions, Toncoin is continuously pushing itself towards the record Highs. The daily chart illustrates the formation of an interesting pattern. the breakout of which may lead the price towards a milestone of $10 Mark. 

The volume inflow and the social metrics have noted a significant change which may impact the TON price. with a circulating supply of 2.4 Billion, Toncoin ranks 9th in the cryptoverse with a live market capitalization of $18.46 Billion.

Social Sentiments on the Rise

The recent sessions saw two interesting developments in the on-chain activity of Toncoin. The social sentiment metrics social dominance and social volume curve surged to a 3 month high and are still surging. The positive shift in the social metrics points to an increased participation of the social users possibly creating more demand.

Moreover, There has been a notable rise in the volume inflow in the recent sessions. As per coinmarketcap.com the volume inflow has surged to 525.4 Million which was nearly 260.1 Million a few days ago. This massive surge in the volume indicates the rising demand of the crypto which may cause the valuation to rise. 

At the time of writing, the price of Toncoin was hovering close to $7.52 indicating a mild 1.07% rise from yesterday’s closing price. Out of 5.10 Billion tokens in total, over 2.43 Billion tokens are currently in circulation.

Is Toncoin Poised to Hit the $10 Mark?

Toncoin has been rising steadily since the start of May after breaking out from a correction phase. The price has formed higher lows, marking a record high value of $7.67. 

   

The daily chart showcases the formation of an ascending triangle pattern with the price hovering close to the resistance of $7.67. The price has retested the resistance several times, making it weaker. Now, any sustained move above the $7.67 level may trigger a breakout, which may lead the price towards the next higher supply of $10 level. 

Moreover, if the bears dominate and the price breaks below the $7 level, it may indicate a short term correction and the price may head towards the $6 and $5 levels. 

Conclusion

Toncoin price is rising towards the record high, despite indecisiveness in the broader market. The social sentiment metrics have hit a three-month peak, suggesting increased demand. The trading volume has more than doubled to $525.4 million, indicating heightened interest. Out of nearly 5.10 Billion tokens in total, 2.43 Billion TON tokens are in circulation. 

The trend outlook shows a consistent rise since early May, with an all-time high of $7.67. The daily chart illustrates the formation of an ascending triangle, hinting at a possible breakout towards $10 if it surpasses $7.67. Conversely, falling below $7 could signal a correction towards $6 or $5.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Adarsh Singh
Adarsh Singh
Adarsh ​​Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
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