- Toncoin has surged by 198% since the beginning of the year.
- If the trend continues, TON could possibly surpass $8 this month.
Toncoin (TON) has emerged as a standout performer in the cryptocurrency market, defying bearish trends to surge by an impressive 198% since the start of the year, reaching new highs around $7.2.
Despite a bearish trend since April 11, TON’s price surged by 9.7% in the last 24 hours, rising from $6.54 to $7.3, possibly indicating a trend reversal. This increase comes after HashKey, a prominent exchange in Hong Kong, formed a strategic alliance to enhance the TON Ecosystem’s capacity and operational efficiency. Furthermore, Toncoin is now available in the TON ecosystem.
Following that, the TON network has experienced a notable increase in daily active users, jumping from 150K to 169K in recent weeks. Yet, despite this surge in activity, network revenue has seen a significant decline during the same period.
Toncoin will continue to Surge?
At the time of writing, TON traded at $6.90 with a market cap of $23 billion. Additionally, the daily trading volume of Toncoin surged over 41% in the last 24 hours, indicating a significant increase in trading activity.
If the bullish trend continues, TON might reach the key resistance level of $7.5. Crossing this level could lead to higher resistance at $7.8 and $8, potentially triggering additional gains in TON.
However, the Relative Strength Index (RSI) indicates that TON may be overbought, hinting at a possible correction in the future. If this occurs, TON could decline to $5.92, followed by further decreases toward $5.21 and $4.65. This could result in additional losses down to $4.04.
Moreover, market analysts suggest that TON’s performance could be influenced by Bitcoin’s strength, with the potential for TON to surpass $9 this month if Bitcoin shows resilience.
