The price of Toncoin (TON) has seen a notable rebound recently, continuing to rise after a previous downturn. The recovery in the value of Toncoin coincides with a broader recovery in various cryptocurrency markets. The price of Toncoin is showing a bullish trend, indicating good momentum. In addition, the rise in cryptocurrencies reflects a general rise in global stock markets, which may be due to the expectation of interest rate cuts by the Federal Reserve.
Cryptocurrencies have been quite volatile over the past few months. Specifically, crypto prices have fallen significantly due to the arrest of Telegram CEO Pavel Durov. However, his release has sparked new optimism. Subsequently, this sentiment could be the catalyst that TON needs to make a big announcement in September. In the past 24 hours, the price of Toncoin has increased by 1.53% to $5.34. This continues the positive trend of the past week, which saw an increase of 11.3%, from $4.96 to the current price. Currently, the coin's all-time high is $8.25. The chart below compares Toncoin's price action and volatility over the past 24 hours (left chart) with the price action over the past week (right chart). The grey bands are Bollinger Bands, which are used to measure the volatility of daily and weekly price action. The wider the bands, or the larger the grey area at any given moment, the greater the volatility.
Toncoin’s trading volume has risen by 11.0% over the past week, in sync with the token’s total circulating supply, which has increased by 0.06%. This brings the circulating supply to 2.53 billion. According to our data, TON currently ranks 10th in market cap at $13.53 billion.
On-chain indicators support bullish outlook
Its price and trading volume have surged in the last two days, reflecting increased trader activity during the recovery. The recent price surge broke through key patterns, including a five-day consolidation near $4.50 and a downtrend line.
This uptrend reflects a positive trend among investors, with Toncoin recovering from a daily low of $4.93. The altcoin has experienced significant volatility over the past few months, having hit an all-time high of $8.24 three months ago.
Toncoin’s 4-hour technical indicators suggest a cautiously optimistic outlook for the coin. The relative strength index (RSI) is currently at 46, reflecting a neutral market sentiment with no clear overbought or oversold pressures.
According to Coinglass, Toncoin trading volume surged 43.57% to $505.77 million. Open interest also rose, increasing 5.61% and now stands at $272.87 million. This rise indicates an increase in activity and investor interest in altcoins.
Toncoin price is showing a clear upward trend, which indicates a bullish phase ahead. If the current rally continues, TON is likely to break the $6 mark soon. With continued positive momentum, the price of the cryptocurrency could climb to $8 and reach $10, which would mean a possible increase of more than 90%.
On-chain indicators also indicate a positive outlook for Toncoin. Coinglass’s long/short ratio is 1.082, indicating bullish sentiment. Additionally, Toncoin’s future open interest has risen by 9% over the past 24 hours, indicating strong buying interest. As of the time of writing, 51.83% of top traders hold long positions in Toncoin, while 48.17% hold short positions.
The main liquidation level is around $4.80 on the downside and around $5.17 on the upside. According to Coinglass, traders are showing higher leverage at these levels. Both technical analysis and on-chain indicators suggest that Toncoin is poised for a strong rally. With the increase in trader interest, the coin could see a notable upside of 15% in the near future.
TON expected to surge as bullish momentum builds
Toncoin’s value plummeted in late August. The controversial arrest of Telegram founder Pavel Durov had many holders worried that the situation would worsen. However, with his release, the asset is expected to continue its strong rebound.
According to CoinMarketCap, TON has gained more than 9% in the past seven days. Moreover, it continues to rise. In the past 24 hours, the token has risen by more than 5.5% to its current price of $5.36. On-chain indicators support the bullish outlook
This could be just the beginning. Toncoin continues to reverse with no end in sight, and bullish momentum is expected to push TON up another 50%. The coin has been stuck in a descending channel pattern since Durov’s release. Bullish indicators are good news for the coin.
The Exponential Moving Averages 50 and 200 show that TON price is stable. This is usually a good sign of continued bullish sentiment for a particular cryptocurrency. Additionally, the Moving Average Convergence Divergence (MACD) is showing a bullish convergence on the last day’s timeframe. This could be a sign of continued price growth.
How high can it go?
Currently $5.15 is a key support level that could open important doors for TON. If it can break through, the next key resistance level is $6.14, which will provide another key level in the short term. On-chain technical indicators and other indicators support TON's bullish outlook, and there is good potential in the short term, but it is worth noting that the current market volatility is coming, and the CPI is about to be announced, which will make the market volatile. But in the long run, a big interest rate cut is certain, which will push TON to rise further to test the breakthrough of the $6 mark and aim for higher highs.
