Toncoin showed a notable price surge in the past 24 hours according to CMC data.
The altcoin’s daily trading volume recorded a 188.78% increase.
The overall crypto market showed modest declines in market cap and daily trading volume in the last 24 hours. Leading cryptocurrencies such as Bitcoin and Ethereum showed increased volatility in price activity over the past day. One of the leading altcoins, Toncoin, recorded significant upward movements after recent dips.
Notably, the native token of the TON network has recorded a 8.29% increase in the last 24 hours. Toncoin’s price climbed 3% following Binance’s announcement of its listing. According to the largest crypto exchange’s statement, it will list TON spot trading pairs — TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY from 1.00 pm UTC on Thursday.
In the early Asian hours of August 8, the altcoin was trading at a low of $5.702. The announcement fueled an upward trend in the token sparking bullish candles in the latter half of the day. At the time of writing, Toncoin was trading at $6.157 according to CMC data. Moreover, TON’s daily trading volume surged by 188.78%.
Zooming out, over the past week, TON has shown a price performance of a 9.63% decline. As aforementioned, the altcoin witnessed prices sliding down to previous support levels during the recent market crash. At the beginning of the week, Toncoin traded at a high of $6.86, before the bearish takeover. Following this, prices plummeted to a weekly low of $4.73.
How Will Toncoin Price Perform in the Coming Months?
In the past month, Toncoin recorded a price decline of 13.19%. However, the token’s RSI showed a sharp upward movement in the past day and currently stands at 44.46 as per TradingView reports. This indicates a neutral market sentiment among investors.
TON/USDT Daily Price Chart (Source: TradingView )
On the other hand, the altcoin’s short-term 9-day MA stands below the long-term 21-day MA highlighting the overall bearish sentiment. If Toncoin manages to sustain the current bullish trend, then the token might witness price breakouts. In the case of a bull run, TON might face resistance at $6.737. However, if the bears take over, it might fall to a support of $5.450.
According to market analysts, Toncoin might witness bullish movements in the coming months. TheNewsCrypto analysts have predicted a bullish price of $11.191 for TON in 2024. Meanwhile, the token’s close contender in market cap, Ripple’s XRP has also shown significant surges in the past day.
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