NAIROBI (CoinChapter.com) — Toncoin (TON), the native token of the Telegram-based blockchain platform, is showcasing promising signs of a potential price surge in June, signaling a potential 50% upswing. Despite the ongoing market volatility, TON has formed an ascending triangle pattern, a bullish technical formation that suggests a breakout could be on the horizon.
Toncoin (TON), currently trading at $7.44, has surged by 6.69% in the last 24 hours and reclaimed its position as the 9th largest cryptocurrency by market cap, surpassing Cardano (ADA). This remarkable achievement follows a staggering 228% year-to-date return, pushing its market capitalization to $18.26 billion.
Bullish Technical Indicators Point to $11.80 Target
A closer examination of Toncoin’s price chart reveals the formation of an ascending triangle pattern, a bullish technical formation that often precedes significant price rallies. Furthermore, the asset has been consolidating within the confines of this pattern, with the upper trendline acting as a resistance level around $9.00.
A glance at TradingView’s chart reveals Toncoin’s strong buy signals. The Exponential Moving Averages (EMAs) at 50, 200, and 20 periods stand at 6.194, 4.347, and 6.625, respectively, forming a bullish alignment. This setup, where shorter-term EMAs are above longer-term ones, typically indicates an upward trend.
Furthermore, the Moving Average Convergence Divergence (MACD) and momentum indicators corroborate this bullish outlook. The MACD, a trend-following tool, shows positive momentum, suggesting buyers are in control.
However, caution is advised. The Relative Strength Index (RSI) sits around 68, nearing the overbought zone (above 70). An RSI exceeding 70 might trigger a price reversal, as it suggests the asset may be overvalued in the short term.
If Toncoin manages to break out convincingly above the upper trendline of the ascending triangle, it could potentially catalyze a significant upward move. Analysts are speculating a potential price target of $11.80, representing an additional upside of over 50% from current levels.
Toncoin Bulls Flex Muscles as Whale Activity Surges
On-chain data further supports Toncoin’s bullish outlook. A tweet from @ali_charts reveals a 237.5% increase in large Toncoin transactions (over $100,000) within the past 24 hours. This surge in whale activity often precedes significant price movements.
In the last day, there were 27 such transactions, matching the 7-day high. This suggests institutional investors and high-net-worth individuals are actively repositioning their TON holdings. Such strategic shifts typically reflect changing sentiments or anticipation of major events in the cryptocurrency’s ecosystem.
Moreover, IntoTheBlock reports significant activity across the Toncoin blockchain, with 100% of addresses holding TON tokens currently in profit. This highlights the rapidly changing investor sentiment, swinging from caution to greed in days. Strategic shifts by institutional investors and high-net-worth individuals indicate confidence in Toncoin’s long-term prospects and potential for further upside.
In summary, these on-chain indicators, coupled with the universal profitability of TON holders, strongly suggest a bullish trend for TON. As investors watch closely, the TON ecosystem seems poised for significant price changes and developments.
