thenewscrypto.com 19 August 2024 10:18, UTC

• Toncoin’s price surged 6.34% amid announcements and partnerships.
• Daily active addresses rise and large transactions suggest bullish sentiment.

Toncoin (TON) has experienced significant upward momentum, trading at $6.92, following a 6.34% surge over the past 24 hours and a notable 139% increase in trading volume during the same period. Over the past week, TON has shown a 13% rise, recently reaching a 24-day high of $7.246.

This price increase aligns with Binance‘s recent announcement of adding Toncoin to its Launchpool platform. The bullish trend is further supported by The Open Network’s strategic partnership with Pyth Network, a decentralized data oracle, aimed at providing high-fidelity data to developers on the TON network.

Looking at on-chain metrics, the daily active addresses metric has been steadily rising since mid-July, indicating potential sustained demand and adoption. And, the 30-day MVRV (Market Value to Realized Value) is positive, suggesting that profit-taking activities might continue. However, the decreasing mean coin age indicates a distribution phase, and MVRV does not yet signal a new buying opportunity.

Meanwhile, analysts remain optimistic about Toncoin’s prospects. According to IntoTheBlock, the increase in large transactions indicates the entry of major players into the market. The accumulation phase often precedes significant price breakouts, and with 65.12% of TON addresses still “in the money,” many investors remain profitable.

Can Investors Remain Hopeful?

Looking ahead, Toncoin is currently supported by the 9-day EMA at $6.611. Should the bullish momentum persist, the coin could rise to $7.454 or potentially $8.00. The daily RSI is at 55, which indicates a neutral market position.

Conversely, if the bearish trend continues, Toncoin might retrace to $5.40 or even as low as $4.70. As it navigates these volatile market conditions, Toncoin’s future remains uncertain, with both bullish and bearish scenarios on the horizon. Analysts advise that investors should remain vigilant and monitor key indicators closely for potential shifts.