Toncoin Price Soars 4% as TON Regains Its Critical Support at $5.7

The Toncoin price fell to a three-month low of about $4.88. However, the token has recovered and regained its critical support, reviving the lost hopes of investors and traders. In the past 24 hours, the Toncoin price pumped 4%, with the TON/USD trading at $5.77. Despite the surge in price, its trading volume has plunged 45% to $321 million, suggesting indecision among the TON bulls. 

However, data from Coinglass shows that the long positions are higher than the short positions. In layperson’s language, this indicates that the sellers might be exhausted, and the market may soon shift from bearish to bullish. 

On the other hand, OKX has launched TON cryptopedia with a $350K prize pool. To celebrate OKX Wallet’s integration with TON as its 100th blockchain, participants will receive co-branded SBTs as a special gift. Notably, OKX is embracing Telegram with its official Mini App, OKX Racer, where users can earn points by predicting token movements.

🔈 @okxweb3 has launched #TON Cryptopedia with a $350K prize pool!

Explore 9 innovative TON projects, including @CatizenAI, @Yescoin_Fam, @ston_fi, @dedust_io, and more, and complete tasks to win tokens and in-game assets from the TON Ecosystem. 💎

To celebrate OKX Wallet’s… pic.twitter.com/rBdGjHKFl1

— TON 💎 (@ton_blockchain) August 6, 2024

The head of Animoca Ventures, James, has taken to the X platform, mentioning that ”all eyes are on TON mini-apps, and for a good reason.”

All eyes are on $TON mini apps. And for good reason.

Pulling hundreds of millions of users within a short span of time, could this be the new meta?

Let's take a look at 3 stand-out @ton_blockchain mini app games and what builders can takeaway from it 🧵👇 pic.twitter.com/cKBB1J6HJa

— JAMES @ ANIMOCA VENTURES (@JIQQYJONES) August 7, 2024

Toncoin Statistical Data

Based on CoinmarketCap data:

• TON price now – $5.77
• TON market cap – $14 billion
• TON total supply – 5.11 billion
• TON circulating supply – 2.51 billion 
• TON ranking – #8

Will the TON Bulls Trigger an Upward Movement?

The Toncoin price has rebounded 19% from Monday’s decline, heading towards the $6 mark. At press time, Ton has bounced back from its substantial support range of $4.8 – $5.2 and is currently trading around $5.7. This may help the bulls initiate an upward movement.

The TON price trades below the 50-day and 200-day Simple Moving Averages. In this scenario, the bulls must first deal with the $6.16 and $6.88 resistance keys, which cushion against an upward trajectory. Meanwhile, the Relative Strength Index (RSI) has rebounded from the 30-oversold zone, currently sitting at 48. With the RSI soaring, buyers have the upper hand. However, TON might enter a consolidation phase before potentially resuming its upward trajectory. 

On the other hand, the Moving Average Convergence Divergence (MACD) suggests that the token is currently on a bullish trend. This is evident as the blue MACD line crossed above the orange signal line, indicating a bullish crossover.

Toncoin Price Prediction

The Toncoin price analysis in the 4-hour chart indicates that TON is progressing towards a bullish trend reversal. With the RSI and MACD showing that buyers are now adding to their positions, the price of TON could rebound back to $6.16, which coincides with the 50-day Simple Moving Average (SMA). Moreover, traders will lean more toward long positions if Toncoin retests and rebounds from the $5.73 short-term support.

If the buyers increase their buying appetite and flip the $6.16 resistance into support, they could re-energize a rally, targeting the $8. The TON price could test a new all-time high at around $10 in a highly bullish scenario. On the flip side, Toncoin trades below both the 50-day and 200-day SMAs, suggesting some bearish prospects for the token. If the bears capitalize on this, TON could retrace to the $5.40 support level.

Bottom Line

Despite the market’s high volatility, TON has bounced back to its strong support, hinting at a possible trend reversal. Meanwhile, Toncoin’s price recovery has the potential to offer substantial profits to investors if the correct levels are surpassed.