- 1 The daily TON/USD chart illustrates the formation of an interesting pattern and was trading at a very crucial zone.
- 2 The volume inflow has nearly doubled in the recent sessions, indicating a bullish scenario.
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.
