Toncoin Price Chart is Up Again, What’s The Forecast?

As a researcher with experience in the crypto market, I find the recent surge in Toncoin’s price intriguing. The astronomical growth in June 2024 can primarily be attributed to the popularity of a bot-powered crypto game built on the TON blockchain. This game, which uses NOTcoin as its native token, has attracted significant attention from Web 3.0 communities due to its minting feature.

As a crypto investor, I’ve noticed that the value of most digital currencies fluctuates frequently due to market speculation, network upgrades, and real-life use case expansion. But what truly stood out in June 2024 was the remarkable growth of TON coin. The reason? An innovative crypto game was launched on its blockchain, attracting a massive influx of users and generating significant demand for this digital asset.

As a crypto investor, I’ve witnessed firsthand how this recent shift significantly boosted TON‘s crypto price, bringing it near its all-time high of $7.2, which was reached during the bull run in April 2024. This surge in value was noteworthy, and it wasn’t long before astute observers, including whale trackers and analysts, noticed a spike in Toncoin whales’ wallet activity over the past few days.

Let’s discuss this upward trend and analyze the Toncoin price chart to draw future predictions.

Price of Toncoin – Telegram Token

As a crypto investor, I can tell you that TON is a digital currency and decentralized network that emerged from the messaging platform Telegram back in 2018, initially known as “Telegram Open Network.”

The encrypted communication platform, Telegram, initiated the first cryptocurrency project based on the TON blockchain. However, after some administrative adjustments, the name of the layer-1 blockchain was changed to “The Open Network.” As a result, TON transitioned from being a commercially dependent network on Telegram’s facility to a Decentralized Finance (DeFi) ecosystem.

As a researcher examining the TON blockchain, I’ve discovered that it supports approximately 800 Decentralized Finance (DeFi) projects and applications. Furthermore, this vibrant ecosystem has facilitated the creation and minting of over 5.9 million Non-Fungible Tokens (NFTs) for digital artists and marketplaces.

Why is Toncoin Going Up?

Since the beginning of June, Toncoin’s value has witnessed significant expansion, causing its price to surge from $6.28 to almost $7 – representing a noteworthy increase of approximately 8% within a single day.

The expansion can be linked to two significant occurrences. Initially, the platform operates a crypto game driven by bots that utilizes NOTcoin as its native token within the blockchain infrastructure.

The game is centered around the action of minting through clicks, generating significant interest from Web 3.0 audiences. Consequently, more individuals joined the TON network. Economically speaking, the demand-driven surge in the price of TON cryptocurrency ensued.

As an analyst, I’ve identified another significant factor influencing the upward trend in Toncoin’s price chart. This factor pertains to a surge in large-value transactions. More specifically, an increasing number of wallets have been transferring over $100,000 worth of Toncoins at a time.

The change brought about a significant surge in TON network usage, boosting it by approximately 237% over the course of a day. Consequently, this spike in activity ignited a bull market that propelled the coin’s price up to $6.99 on June 2.

Toncoin Price Chart

“Let’s closely examine the TON price chart and identify both long-term trends and short-term fluctuations, which are valuable tools for investors in making their investment choices.”

In this examination, we employ the Exponential Moving Average (EMA) technique for two distinct timeframes: short-term, which spans between 12 to 26 days, and long-term, encompassing a period of 50 to 100 days.

Short-Term Trading

Following thecrypto market’s calm down in April 2024, TON cryptocurrency prices began picking up speed in May. Surprisingly, in early June, we observed a significant price surge. On that very day, TON’s value jumped from under $6.5 to nearly $7.0.

As an analyst, I’ve observed an intriguing trend in the market recently. The 12-day and 26-day moving averages have been on an upward trajectory, yet they currently sit below the current market price. This situation, often referred to as a “golden cross,” can be a strong indicator of potential growth in the near future.

The 12-day trendline, depicted in yellow on the chart, has been ascending steadily above the 26-day trendline, shown in blue. With the 12-day line nearing the current market price, this setup may indicate a bullish short-term outlook for traders.

Toncoin Price Chart is Up Again, What’s The Forecast?

Long-Term Trading

As a researcher studying the market trends of position traders, I have observed that both the 50-day Exponential Moving Average (EMA) and the 100-day EMA lines are currently moving upward and sitting below the current price line. This indicates an increasing trend for these traders in the market.

Additionally, the 50-day moving average is gaining strength, implying a potential prolonged period of optimistic market trends.

Toncoin Price Prediction 2024

As more AI applications and use cases are adopted on the TON blockchain for dApps and DeFi projects, its prospects for long-term growth and sustainable development become increasingly promising over the next several months or even years.

With a favorable investor outlook and heightened greed based on the fear and greed indicator, buyers remain hopeful that Toncoin’s value will reach $10 by the end of this year.

Caution: The following article provides information that is not intended to be taken as financial guidance. The act of investing in cryptocurrencies, including meme coins, involves inherent risks. As such, it’s essential for individuals to independently research before making any investment-related decisions.

2024-06-04 20:40