The TON price surge recently brought it closer to its all-time high. Despite a recent downturn in the bearish market, TON has made a fast recovery and is on the move again.
Market Overview
After the crypto market capitalization dropped to $197 trillion, today shows a slight recovery. The market has surged almost 4% in the last 24 hours to reach $2.06 trillion. Despite the bearish fear and greed index and other indicators showing bear dominance, many cryptocurrencies have regained value. TON price surged to $7.53 after falling to a low of $6.4568, leading the market recovery.
Analyzing TON Price Performance
Last month, Toncoin reached an all-time high of $8.24 on June 15. This surge followed continuous demand among investors over the past few months. Since the beginning of the year, TON price has gained 225%, surpassing Dogecoin in market position. Despite a recent drop to $6.4568, TON was close to an all-time high at $8.0847 before the crypto market crash.
Current Market Status
Today, TON price is at $7.53 after a 14% surge in the last 24 hours. It is one of the first cryptos to attempt recovery despite bearish trends, indicating high market demand. At the start of the year, Toncoin was trading at $2.31, and with Telegram support, its value has significantly improved.
Will TON Price Continue to Surge?
The TON price has been rising for the last few hours, but trading activity has reduced significantly. When the price was down to $7.217, the 24-hour trading volume was $767.38 million. Now, it has declined to $525.52 million, indicating reduced network activity.
Market Indicators
This surge was driven by high buying pressure, as shown by moving averages. On frames of 5 to 200, both exponential and simple moving averages indicate buyer dominance, fueling the ongoing rise. Other indicators like Momentum (10) and Bull Bear Power support this trend. However, most technical indicators like the Relative Strength Index and Williams Percent Range (14) are neutral, suggesting bear presence. The MACD (12,26) level is at 0.114260643, with the short-term moving average above the long-term one, and the moving line going downward. This could indicate a potential reversal or a continued bull trend.
Price Chart Analysis
Analyzing the price charts, the TON price is moving towards resistance at 8.156015071. If a new candlestick goes past this level, the uptrend might continue. However, if the price falls to 7.396622094, it could continue to drop to 5.408682364.
