Toncoin has become the most hyped cryptocurrency of the year, with splendid gains since the beginning. The TON price was $2.3 at the start of the year and has now come to $8.03, which is just 2.58% away from the all-time high target of $8.24. More interestingly, the ATH was set just two weeks ago, and now another similar rally is making Toncoin outshine the rest.
Interestingly, the surge is during unsupportive market conditions, as the Fear and Greed index represents the Neutral sentiments among investors.
Ton Price Surge Led To Overtaking Dogecoin In Market
Toncoin was earlier ranked 9th on Coinmarketcap based on its market capitalization. And Dogecoin was on the 8th for a long time, setting its dominance not alone in meme coins but in the overall market. But as the Dogecoin price has been struggling for some time now at $0.1238, its market capitalization has been limited to $17,942,271,166. And with the Toncoin price rising, its market capitalization has surged to $19,750,250,837, overtaking Dogecoin in the market position.
This makes it more special as the current value is because of its 5% gains in the last 24 hours. Before this, the TON price was just moving sideways.
Why Toncoin price Is Rising?
Not only Toncoin, many altcoins have been struggling earlier, but with the decline in Bitcoin dominance from a high of 54.4% to the current 53.4%, they have seen a significant surge in the market.
More importantly, the Kazakhstan Exchanges began trading Toncoin after Kazakhstan’s Astana Financial Services Authority (AFSA) approval. Pavel Durov, the telegram co-founder, visited Kazakhstan recently after the Minister of Digital Development and Innovation, Ahaslan Madiev’s invitation. This AFSA approval is linked to their interaction because of Telegram has favored Toncoin for a long and has used it for the ads revenue sharing model for the platform as well.
Following several applications from the participants, the Astana Financial Services Authority has reviewed and approved Toncoin for Trading on Digital Asset Trading Facilities in AIFC. Full list of digital assets approved by AFSA: https://t.co/nwdpa5S0mA.#AFSAinforms pic.twitter.com/k6EI8ioBUW
— Astana Financial Services Authority (@AFSA_KZ) June 28, 2024
Additionally, Pantera Capital, a venture capital firm, has also raised its investment in the Toncoin, explaining the increased demand for the TON token in the market. The ongoing TON investment round has invited investors with $250,000 in minimum stake per participant.
Can TON Price Hit New- ATH?
The technical indicators, as well as the moving averages of the daily charts, indicate a strong buying zone for Toncoin. The Moving averages (5,10,20,50,100,200) show a complete dominance of the buyers in the market. Technical indicators like MACD, STOCH(9,6), Bull/Bear Power(13), Highs/Lows(14), and many others indicate the same. However, the STOCHRSI(14) and Williams %R indicate the overbuying of the token, which might turn into limiting factors.
The Relative Strength Index (RSI) is 63.285, a sign of the buyer’s dominance. However, it is closer to the overbuying zone, which could lead to a trend reversal and the TON to fall. For now, the bulls are favoring the TON surge and it might hit the ATH. But if the price crosses the support at 7.9772, the price may decline.
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The post Toncoin Overtakes Dogecoin As TON Price Nears ATH appeared first on CoinGape.
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