Toncoin Price Prediction: TON Could Soar Higher as Bulls Target $8

The Toncoin price soared 8% in the last 24 hours and 13% in a week to trade at $6.97 as of 02:29 a.m. EST on trading volume that skyrocketed 147% to $572 million.

Toncoin (CRYPTO: TON) soared on Monday as it continued to gain momentum following a recent price breakout.

What Happened: Toncoin, the native token of the Telegram-founded blockchain network The Open Network, surged over 8% in the past 24 hours to trade at an average price of $6.97 by 2:29 a.m. EST.

The price of TON also rose by 13% in the past seven days and soared by over 160% in the past 30 days.

Toncoin’s price movements come as the token continues to be the top gainer in the past 24 hours among major cryptocurrencies by market capitalization.

The crypto market overall slipped by 1% to reach a total market cap of $2 trillion.

Toncoin Price Analysis: Toncoin's price has been on a strong uptrend since early August, with the $5 level acting as a crucial support zone, according to data from GeckoTerminal.

In the past ten days, the price of Toncoin formed a double bottom pattern as the bulls struggled to push TON above the $7 resistance.

The bulls aimed to capitalize on the double bottom pattern to push the price of Toncoin above the resistance zone.

Toncoin now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), indicating an uptrend in the asset.

The Relative Strength Index (RSI) also surged towards the overbought region, currently at 65, showing that the asset is facing strong buying pressure.

The Moving Average Convergence Divergence (MACD) also crossed above the neutral line, indicating the current uptrend in the asset.

The green bars crossing above the zero line also indicate that the price of TON is currently showing positive momentum.

Toncoin Price Prediction: A technical analysis by FxStreet traders on the 4-hour Toncoin priceの時間足 chart indicates that the price of TON is on an uptrend as the bulls aim to capitalize on the crucial indicators to push the price up.

The 50-day SMA is also moving up, showing signs of crossing above the 200-day SMA.

If the 50-day SMA crosses the 200-day SMA, a golden cross could form, adding to the bullish prospects of the token.

If the bulls manage to push the price above the $7 resistance, TON could soar higher as the bulls target $8.

On the other hand, if the bears manage to take control of the price at this level, the TON price could correct slightly to reach the $6.5 support (50-day SMA).

Toncoin Price Soars As Investors Rush To Buy New Meme Coin Crypto All-Stars (STARS) – Here's How To Get It Now For $0.0013911

As the price of Toncoin soared on Monday, investors also flocked to a new meme coin, with YouTuber Jacob Bury tipping one coin to soar by 10X after its launch.

Crypto All-Stars (CRYPTO: STARS) soared past $534K in presale sales in a week. This new meme coin platform is more than just another token.

It pioneers a new era in meme coin staking with its MemeVault protocol, which is set to change decentralized finance.

The Crypto All-Stars presale is now live. Investors can purchase $STARS for $0.0013911.

With a price increase coming in about a day, you should act fast to lock in the best deal.

Purchase STARS from its official website here using BNB, USDT, or a bank card.

See More: Best Meme Coins To Buy In August 2024

The above is the detailed content of Toncoin Price Prediction: TON Could Soar Higher as Bulls Target $8. For more information, please follow other related articles on the PHP Chinese website!