Despite the broader crypto market ups and downs, TON has remained resilient, trading above $6 and gaining significant investor attention.
Toncoin (TON) has recovered from its sharp decline to $4.75 in early August and now trades above $6.5. It has fluctuated around $7 and $6 for most of August, reflecting a sustained bullish momentum and intense buyer/seller struggle.
However, Toncoin faces significant resistance around the $7 threshold, which has limited its rebound to mid-July levels above $8. Can TON successfully overcome this resistance to scale new heights? Consider the following analysis for more insights.
TON Price Analysis: Bullish Signals Emerge as Toncoin Eyes $7.2
Toncoin (TON) has climbed above its 200-day Simple Moving Average (SMA), suggesting a potential long-term uptrend. It is approaching the 50-day SMA, which could signal short-term strength.
Interestingly, the 50-day SMA has crossed above the 200-day SMA. This pattern, known as a golden cross, often indicates a bullish trend.
Moreover, the Positive Volume Index (PVT) for TON is over 8 million, implying buyers are more active when the volume is high. TON recently touched the lower Bollinger Band and is moving toward the middle band. This movement often indicates a potential reversal from oversold conditions.
If TON breaks above the middle band (20-day moving average), it could trigger a more bullish sentiment.
The SuperTrend indicator is flashing a buy signal. This aligns with other bullish indicators, reinforcing the positive outlook for TON.
What Traders Might Expect?
Given these bullish signals, traders might be eyeing higher price targets. The immediate resistance level to watch is $7.2. If TON breaks above this, the next target could be $8.
Factors within the TON ecosystem could further boost the price. However, traders should always be cautious. While indicators are positive, the crypto market can be unpredictable.
It’s wise to use stop-losses and not invest more than you can afford to lose.
TON Network Activity Surge: A Catalyst for Bullish Sentiment
Recently, the TON Masterchain hit a record 946 active addresses per day. This milestone has sparked excitement in the crypto community. As a result of this increased activity, Toncoin’s value jumped by nearly 9%.
$TON: Active Addresses (masterchain) hits all-time-high
“It has now reached 946 active addresses daily, marking a more than 7x increase since July 2021.” – By @JA_Maartun
Link 👇 https://t.co/eiP5sArPTn pic.twitter.com/ElhhiOdLUk
— CryptoQuant.com (@cryptoquant_com) August 21, 2024
This growth is particularly remarkable, given the current bearish trend in the broader crypto market. Since July 2021, the number has increased more than sevenfold. This rapid expansion shows that TON is gaining traction among users.
This surge in activity could fuel bullish sentiment in several ways. The higher network activity often boosts investor confidence, showing that the project is gaining real-world adoption.
The price could rise as demand for TON coins grows due to increased usage. The surge in TON’s network activity is generally a promising sign and could help push the price toward $7.2 soon.
Analyst Predicts TON Price Could Hit $8
On August 19, a crypto analyst, Vlad Hryniv, shared an optimistic outlook for Toncoin (TON). He noted seven consecutive bullish candles on TON’s 4-hour chart. This pattern suggests a strong recovery for the coin.
The analyst also highlighted TON’s recent 8.61% price increase within 24 hours. At the time, TON’s market cap stood at $17.65 billion, ranking it 8th in the crypto market.
According to the analysis, TON formed an engulfing candle after retesting a breakout. This typically signals continued upward momentum.
However, the price struggled to break above the 50-day and 100-day moving averages. At the time of the analysis, TON was trading at $7.06 with a 10.86% increase in trading volume.
The analyst predicted potential price targets of $7.60 and $8, with a possible rally to $10. If TON reaches the predicted $8 mark, it could trigger a new wave of buying pressure.
While we await TON to hit $8, investors might want to consider this new presale coin, Crypto All-Stars. Some pundits believe the project could be the next 100X meme coin.
Crypto All-Stars: A Fresh Meme with 100X Potential
Crypto All-Stars ($STARS) is shaking up the meme coin world. This new project offers a unique way to earn from your favorite meme coins.
It’s currently in presale and has already raised over $697,600. Could Crypto All-Stars be the best alternative to TON for investors looking for something different?
Unified Staking for Meme Coins
Crypto All-Stars lets investors stake various memecoins in one place. You can stake popular coins like Dogecoin, Pepe, and Shiba Inu on its staking vault. Interestingly, users earn $STARS tokens as a reward by staking these coins, allowing them to put idle memecoin holdings to good use.
Crypto All-Stars offers impressive rewards for staking. According to the platform , stakers can earn up to 2,114% annual percentage yield (APY) in $STARS tokens.
If you hold $STARS tokens, you can triple your staking rewards, allowing you to grow your investment faster than with other projects. Currently, $STARS tokens trade at $0.0014022 each, and the price will increase soon, so now could be the best time to hop in.
Ready to join Crypto All-Stars? Visit their website to learn more and join the presale. You can buy $STARS tokens using ETH, USDT, BNB, or a bank card.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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