Trending cryptocurrency Toncoin (TON) has made headlines today reaching a new all-time high with its recent surge and pushing it to the #8 position on the largest cryptocurrency by market cap list. The update has raised excitement across the crypto market as investors print in massive returns.
Toncoin (TON) surges by 12% to new ATH
Against the backdrop of the global crypto market volatility, Toncoin (TON) has defiled all odds as it recorded substantial gains in the last 24 hours. According to data from CoinMarketCap, The Open Network (TON) has grown by 12.42% over the last day to reach an all-time high of $7.18 on April 15. As a result, TON has pushed Dogecoin (DOGE) out of the way to become the 8th-largest cryptocurrency with a live market cap of $24.77 billion.
TON has maintained an impressive price movement in hindsight. Per CMC data, TON has spiked by 28.86% in the last seven days and has witnessed exponential growth of 84.37% over the last month. What is more, Toncoin’s trade volume has increased significantly during the previous week, rising by more than 300% every day on average.
Toncoin was initially launched in 2018 as Telegram Open Network, however, after a series of back and forth with the United States SEC, a group of new developers, namely NewTon, rebranded the project and called it The Open Network. Toncoin is the native token of the ecosystem and it is used for activities like staking within the Proof-of-stake-based mechanism.
With the new price rally, investors are keeping a close eye, checking for potential growth to the $10 zone.
Toncoin (TON) technical analysis
Meanwhile, the Toncoin price has been climbing in an ascending channel pattern on the technical chart, indicating that bulls have persisted in buying the dips. Over the weekend, the bears took center stage, pulling the price below the channel. Nevertheless, the forming of longtails on the candlestick signifies huge bull activities close to the support line.
The failure to sustain lower levels probably attracted buyers, who are now attempting to push the price in the direction of the resistance line at $7.50, a breach of which might lead to a further advance to $10.
The RSI is still in the positive zone and both moving averages are going higher, suggesting that buyers are in the lead right now. This bullish prediction, nonetheless, might be refuted if the TON/USDT pair takes a severe dip and closes below the support line. Under such circumstances, there may be a drop in price near the 50-day SMA ($4.28).
Therefore, the question of whether TON can ascend to the $10 mark soon remains on the balance and will be influenced by the pressure of the bulls and the positive sentiment surrounding the token and the general crypto market.
At the time of writing, TON is changing hands at $7.09 representing a 9.14% growth with a 24-hour trading volume of $661 million.
