Toncoin (TON) has risen in price significantly within the last one day. Toncoin is a layer-1 blockchain related to Telegram,through which the coin has risen to above $6. 30. As it followed the recent trend, Toncoin price went above $6. 41. Toncoin has increased by 1. 55 percent over the past 24 hours.
The market capitalization of Toncoin has grown to around $15. It increased from 36 billion to 45 billion, which is an indication of 1.19% increase. Also, the trading volume has increased by 34% in the last 24 hours and the circulating supply is 106,425,000. 74%, amounting to $186. 71 million. This increase in volume indicates that more and more investors are coming into the market.
Source: CoinMarketCap
Toncoin Price has risen by 3% in the last week, showing a bullish trend. Trading between $6. 25 and $6. 56, the coin is looking forward to a further rise. In the last one month, it has been observed that the price has gone up from $5. 20 to above $6. 30, which show a gradual increase in the number.
After rallying above $7. 43, it required minor adjustments. However, Toncoin has increased by over 35% and is among the biggest winners in the market.
This means that investors have a high level of confidence in the Toncoin token, which may further support the idea that it could have an upward trend. The current price movements indicate that there is increasing confidence and consistent engagement from investors who are willing to invest in Toncoin due to its high growth prospects.
Increase in the TVL and Trading Volume
The Toncoin price has increased in the last few days, as reported by DefiLlama. The data presented above also indicates that the amount and value of data stored in the network is constantly increasing, which confirms the popularity of the cryptocurrency in the market.
Toncoin’s 24-hour volume has risen up to $22. 15 million, which indicates that there is an active trading going on in the shares of the company. Also, the total value locked in Toncoin has crossed the mark of $345 million. This shows the high investor confidence and activities within the Toncoin network.
Source: defillama
Currently, Toncoin price is showing a bullish trend which may suggest that the currency is entering a bullish period. In this regard, if the trend persists, the price is expected to break through the $7 resistance level. It could maintain a steady rise and possibly reach the $8 mark, and beyond, with an eye on $10 in the future.
On the other hand, if the market trends change, Toncoin may hold a price of $6. 30 as a support level. A further decline might take it down to $6 which is likely to create a bear market. This will be important in influencing the future direction of the coin given the current market conditions.
Source: Tradingview
The technical analysis of the Toncoin for the daily chart shows a moderate bullish outlook. The Relative Strength Index (RSI) is at 51, which is just slightly above the midpoint of the scale. This means that the market is not overbought or oversold, which implies that the traders are in a balanced zone.
