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
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.
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?
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.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
