Toncoin Price Chart is Up Again, What’s The Forecast?
Most of the time, cryptocurrencies go up and down based on speculations, network updates, and real-life utility growth. However, the TON coin registered astronomical growth in June 2024 because of a crypto game built on its blockchain.
This shift alone managed to send the TON’s crypto price close to its all-time high, which was achieved in the April 2024 bull run at $7.2. This surge was accompanied by an increase in Toncoin whales’ wallet activity, which many whale trackers and analysts observed over the last few days.
Let’s discuss this upward trend and analyze the Toncoin price chart to draw future predictions.
Price of Toncoin – Telegram Token
TON is a crypto token and blockchain that originated from the messaging app Telegram, which was originally named “Telegram Open Network” in 2018.
The TON blockchain marked the first crypto venture by the encrypted communication platform. However, the layer-1 blockchain was renamed to “The Open Network” following administrative changes, which made TON a DeFi ecosystem instead of a commercially reliant network on the Telegram facility.
TON network hosts over 800 DeFi projects and decentralized apps. Many digital artists and marketplaces use this ecosystem to create and mint over 5.9 million NFTs.
Why is Toncoin Going Up?
Starting in June, TON experienced a massive value growth, taking the Toncoin price today from $6.28 to just below $7, or over 8% growth in one day.
This growth was attributed to two major events. Firstly, the blockchain hosts a bot-powered crypto game that uses NOTcoin as a native token.
The game is orientated around minting by clicking, which garnered huge attention from Web 3.0 communities. This led to more users on the TON network. As an economic axiom, the TON crypto price surged due to increasing demand.
The second factor that contributed to a rising Toncoin price chart is large value transactions, where more wallets started transferring $100,000+ worth of Toncoins.
This shift increased the TON network activity by 237% within 24 hours, creating a bull run that rallied the coin price to $6.99 on 2 June.
Toncoin Price Chart
Let’s take a detailed look at the TON chart and observe long-term and short-term changes that many traders use to make investing decisions.
For this analysis, we use the exponential moving average (EMA) indicator along short-term timelines (12-26 days) and long-term periods (50-100 days).
Short-Term Trading
After settling down from the crypto boom in April 2024, the TON crypto price started gaining momentum in May. However, reflecting on today’s changes, we noticed a remarkable price jump at the beginning of June, where TON went from below $6.5 to almost $7.0 on the same trading day.
This market movement is marked by growing 12-day and 26-day lines, which go upwards and below the market price, triggering potential growth in the coming days.
The 12-day line (in yellow) moves upwards from the 26-day line (in blue) and is almost at the current market value, suggesting a bull market for short-term traders.
Long-Term Trading
The same applies to position traders. The 50-day and 100-day EMA lines are moving upwards and below the current price line, referring to an increasing trend.
Moreover, the 50-day line is shifting stronger, suggesting a possibility of sustained bullish sentiment.
Toncoin Price Prediction 2024
The increasing AI adoption and use cases that TON blockchain provides for dApps and DeFi projects increases its potential for sustainable developments in the coming months or even years.
With a positive market sentiment and a greedy score on the fear and greed index, bulls are optimistic about driving the Toncoin price to $10 by the end of this year.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Investing in cryptocurrencies, including meme coins, carries ingrained risks, and individuals should conduct their own research before making any investment decisions.
