Toncoin (TON) has been the breakout star of 2024, experiencing phenomenal gains since the year began. The price started at a mere $2.3 and has skyrocketed to $8.03, inching closer to its all-time high (ATH) of $8.24 set just two weeks ago. This impressive rally comes even amidst a neutral market sentiment, as reflected by the Fear and Greed Index.
Toncoin Outshines Dogecoin in Market Cap
Toncoin’s impressive surge has seen it overtake Dogecoin in market capitalization. Previously ranked ninth, Toncoin has climbed to eighth place on Coinmarketcap, surpassing Dogecoin’s long-held dominance in both the meme coin and overall market. Dogecoin’s price struggles at $0.1238, limiting its market cap to $17.9 billion. Conversely, Toncoin’s recent price rise has propelled its market cap to a staggering $19.7 billion. This significant jump can be attributed in part to a 5% gain in the last 24 hours, following a period of sideways movement.
Factors Fueling Toncoin’s Rise
The surge in Toncoin isn’t an isolated event. Many altcoins have benefited from a decline in Bitcoin’s dominance, which has fallen from 54.4% to 53.4%. However, specific developments have fueled Toncoin’s meteoric rise.
- Kazakhstan Exchange Listing: Following approval by the Astana Financial Services Authority (AFSA), Kazakhstan’s exchanges have begun trading Toncoin. This approval is seen as potentially linked to Pavel Durov, Telegram co-founder’s recent visit to Kazakhstan at the invitation of the country’s Minister of Digital Development. Telegram’s well-known preference for Toncoin, including its use in the platform’s ad revenue sharing model, adds weight to this theory.
- Increased Investment: Venture capital firm Pantera Capital has upped its investment in Toncoin, signifying growing demand for the token. The ongoing TON investment round seeks participation with a minimum stake of $250,000, further indicating investor confidence.
Also Read: Toncoin Users Soar to 32 Million: Price Follows Despite Market Jitters (TON)
Can Toncoin Reach New Heights?
Technical indicators on daily charts point towards a strong buying zone for Toncoin. Moving averages and technical analysis tools like MACD and RSI suggest buyer dominance. However, there are cautions. STOCHRSI and Williams %R indicate overbought territory, which could lead to a price correction.
The current Relative Strength Index (RSI) of 63.285 underscores buyer strength, but its proximity to the overbought zone raises the possibility of a trend reversal. While bulls currently control the momentum, a price drop below the $7.9772 support level could signal a decline.
Overall, Toncoin’s future trajectory remains to be seen. While technical indicators suggest a potential push towards a new ATH, overbought concerns and broader market conditions necessitate cautious optimism.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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