Toncoin's Rally Shakes Crypto Market, Surges Past Shiba Inu!

June 6, 2024 at 03:40 AM GST updated: June 6, 2024 at 03:12 AM 2 mins read News

TON’s price surged to an all-time high of $7.78, marking a significant increase from $2.2 in just six months.
TON surpassed Shiba Inu in popularity among the top ten cryptocurrencies, indicating growing investor confidence.
Whale activity in TON, with accumulation surpassing $100,000, surged by 237%, contributing to its positive price trajectory.

Toncoin (TON) has recently experienced a remarkable surge in its price, marking an all-time high of $7.78 after a period of gradual recovery.

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This surge follows a trend of upward momentum that has been building since the beginning of the year, with TON’s value increasing from $2.2 to its current impressive level in just six months.

Notably, this surge has propelled TON to surpass Shiba Inu in terms of popularity among the top ten cryptocurrencies, reflecting the growing confidence and preference among investors for this altcoin. The surge in demand within the crypto community has been a significant driver behind TON’s price rise, bolstered further by the prevailing bullish sentiment in the market.

Analysts have observed a significant increase in whale activity, with large-scale accumulation of TON valued at over $100,000 surging by 237% on June 3, 2024. This heightened buying pressure from whales has contributed to the positive trajectory of TON’s price.

Despite TON’s price being within 5% of its all-time high, indicators suggest that its upward trend remains robust. Technical analysis, including simple and exponential averages, indicates a strong buy zone for TON, potentially propelling its value even higher. Moreover, indicators such as the moving average convergence divergence (MACD) and momentum indicators corroborate this bullish outlook.

However, caution is warranted as the relative strength index approaches the overbought zone, indicating a possibility of a price reversal if it surpasses the 70 threshold. With investor sentiment skewed towards greed, TON’s price is expected to continue its ascent, possibly reaching $7.85 in the near future.