Key Highlights
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ATH Reached: Toncoin (TON) hits a new all-time high (ATH) of $7.78.
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Whale Activity: Large transactions surge by 237%, boosting buying pressure.
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Technical Indicators: Strong buy signals, but RSI nearing overbought zone.
Toncoin has hit a new milestone, setting an all-time high (ATH) of $7.78. After months of shallow recoveries, the bulls have taken over, driving the price up. Will TON continue to rise, or will we see a decline? This article from CoinGape discusses the TON price analysis.
What Pushed the TON Price to New ATH?
TON/USDT price chart | Source: KuCoin TradingView
Toncoin has shown strong momentum this year, jumping from $2.2 to $7.78 in six months. This 3X gain has made TON a favorite among investors, surpassing Shiba Inu in the top ten cryptocurrencies. The increased demand and bullish market sentiment have supported this rally.
Crypto analyst Ali noted a significant increase in whale activity. Transactions over $100,000 surged by 237% on June 3, 2024. This accumulation by whales has increased buying pressure.
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
What's Next for TON Price?
The TON price is currently 5% below its ATH, but the bullish trend remains strong. Technical analysis shows Toncoin is in the strong buy zone, with indicators like the Moving Average Convergence Divergence (MACD) and momentum indicators supporting further gains.
However, the Relative Strength Index (RSI) is at 68, close to the overbought zone. If the RSI goes above 70, we might see a price reversal. Despite this, investor sentiment remains high, and TON could reach $7.85 in the coming days.
Toncoin has had a remarkable run, but caution is advised as technical indicators suggest potential volatility ahead. Keep an eye on RSI levels and whale activity for clues on the next move.
