Toncoin (TON) Price Rallies To ATH: Further Gains or Decline?

After months of shallow recoveries, the bulls took over the Toncoin, leading to a big price rally, creating a new all-time high of $7.78. It is not the first time TON has exhibited such a profiting nature as earlier in March, the altcoin had a similar push, creating a peak, which is an old deal now. So is that all? Will the TON price have a downtrend, or will the bulls push the value even higher? Let us discuss that in this blog.

What Pushed The TON Price To New ATH?

Toncoin has maintained a decent momentum from the start of the year as its price has shifted from $2.2 to $7.78 in just six months. With a 3X gain, TON has become the most favored cryptocurrency among investors, taking over Shiba Inu in the top ten cryptocurrencies. And because of this surged demand in the crypto community, Toncoin price has continued increasing. Moreover, the ongoing bullish market sentiments have definitely aided in this rally.

Most importantly, as the crypto analyst Ali explained, the whale activity carrying a value above $100,000 increased 237% on June 3, 2024. With the whales accumulating this, the buying pressure increased in the altcoin investors.

The number of large #Toncoin transactions (over $100,000) has surged by 237.5% in the past 24 hours!

This significant increase in $TON whale activity suggests a strategic shift in their investments and positions. pic.twitter.com/iEHWFgxcp1

— Ali (@ali_charts) June 3, 2024

Along with Telegram, now Notcoin is another add-on to the Toncoin’s popularity. This newly launched meme coin on The Open Network has made huge gains in the past few days. As of now, the Notcoin price is at $0.0225 after 350% gains earlier.

What Is Coming Next For TON Price?

Though the TON price has moved 5% away from the ATH, the bullish nature of the altcoin is still at its peak. As per the technical analysis, including from the simple and exponential averages, the Toncoin is in the strong buy zone, which can push the value even further. Moreover, the Moving Average Convergence Divergence (MACD) and the momentum indicators talk of the same.

However, the Relative Strength Index is around 68, which is closer to the overbuying zone. If the index moves above 70, a price reversal might happen, pushing the TON price down. As of now, the greedy sentiments are high among the investors, and the TON price might surge to $7.85 in the next few days.

Continue Reading 4 Top Altcoins Set For 100X Gains In June 2024

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