19 Apr 2024 Simon Briggs
Toncoin (TON) Continues To Rise Amid Sideways Action In The Crypto Sector
Since the previous trading day, the price of Toncoin (TON) has shown sufficient strength, and it appears that the bulls have increased. A few days ago, the token reached new highs of about $7.67, and following a correction, it is currently returning to reach higher highs. Now that buying volume has resumed, there is a strong chance that the TON price may set a new all-time high above $8 at some point in the future.
Source: TradingView
The price of TON has increased by approximately 260% since the beginning of March. The price of BTC fell below $60,000 as a result of a partial shift in market dynamics, but Toncoin continued to rise steadily. It did, however, give up some gains, but not enough to seem to have hurt the rise.
As the price of Toncoin regains speed and moves back towards 1 FIB levels, the daily chart shows tremendous bullishness. Since breaking out of the consolidation, the ascending trend line has served as a reliable source of support for the token, which is currently soaring along it. The RSI has shown bullish divergence, which might support a price test of the present ATH in the next hours and finally allow the price to break $8 and make new highs near the 1.2 FIB level at $9.
The price of Toncoin is currently trading at $6.34 and the buying volume has increased to almost $500 million. However, the Toncoin chain has passed $148 million in TVL (Total Value Locked), marking a new high. Investor expectation and excitement have been sparked by Telegram's relationship with HumanCode, which has led to a bullish trend in both the TVL and TON prices.
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