Toncoin’s (TON) price is on the bullish end of the spectrum today after the altcoin shot up by more than 10%.
The changing market conditions are pointing towards potential buying opportunities propelled by increasing interest in the asset.
Toncoin Investors Could Benefit
Toncoin’s price has risen 10.5% over the past day, adding to the previous week’s rise. This consistent increase has triggered a buy signal due to DAA (Daily Active Address) divergence.
Both the price and participation are showing upward trends. This divergence suggests that increased user activity supports the price rise, indicating a potentially strong bullish signal for investors.
Read more: 6 Best Toncoin (TON) Wallets in 2024
![Toncoin Price DAA Divergence.](https://beincrypto.com/wp-content/uploads/2024/08/Toncoin-TON-16.35.46-14-Aug-2024.png)
In addition to the DAA divergence, Toncoin’s adoption rate is experiencing a notable recovery. The adoption rate has rebounded to an average of 28%, reflecting that the project is gaining traction and attracting more users. This increase in adoption could further bolster the asset’s market position and long-term potential.
Since both metrics point towards growth, they suggest that the current upward momentum could continue. This makes Toncoin an attractive option for investors looking for potential gains.
![Toncoin Adoption Rate.](https://beincrypto.com/wp-content/uploads/2024/08/ITB_ton_new_adoption_rate_ton_2024-08-14T11_10_59.597Z.png)
TON Price Prediction: All-Time High Soon
Toncoin’s price is currently trading at $7.14, and it is looking to close above the resistance at $7.07. Flipping this level into support would enable further rise, potentially pushing TON to $7.53.
Propelled by the potential buying pressure, it could push TON towards breaching this resistance, which would place Toncoin’s price on the path to reaching the all-time high of $8.28. If this resistance is breached, the altcoin could end up forming a new ATH.
Read more: What Are Telegram Bot Coins?
![Toncoin Price Analysis](https://beincrypto.com/wp-content/uploads/2024/08/g8q8wu6J.png)
However, if the $7.07 resistance remains intact, TON could lose its bullish momentum. Thus, the altcoin could slide back to $6.50. Losing this support would invalidate the bullish thesis, sending the altcoin to $6.04.
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Disclaimer
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