Toncoin Climbs to 8th Largest Cryptocurrency, Setting New Record Highs
In recent headlines, the cryptocurrency Toncoin (TON) has made a significant leap to a new all-time high, catapulting it to the eighth position on the list of cryptocurrencies by market cap. This surge has sparked excitement across the cryptocurrency market as investors reap substantial returns.
Toncoin Surges 12% to Reach New Heights
Amidst global cryptocurrency market fluctuations, Toncoin (TON) has seen a notable increase over the last 24 hours. According to data from CoinMarketCap, The Open Network (TON) rose by 12.42% on April 15th, reaching a historic high of $7.18. This surge has brought its market capitalization to an impressive $24.77 billion, making it the eighth largest cryptocurrency in real time.
Looking back, TON’s price trajectory has been impressive. Over the past week, it soared by 28.86% and showed an exponential growth of 84.37% over the last month. Importantly, Toncoin’s trading volume has also seen a substantial increase, rising by more than 300% on average daily over the previous week.
Originally launched in 2018 as the Telegram Open Network, the project underwent a rebranding by a group of new developers named NewTon after extensive discussions with the U.S. SEC, and was renamed The Open Network. Toncoin serves as the native token of the ecosystem, utilized for activities like staking in a proof-of-stake mechanism.
With the new price surge, investors are keenly watching to see if Toncoin can potentially climb to the $10 range.
Technical Analysis of Toncoin (TON)
Meanwhile, the technical candlestick charts show Toncoin’s price has been climbing within an ascending channel pattern, indicating continuous buying interest at lower levels. Over the weekend, bears took center stage, pulling the price below the channel momentarily. However, the formation of a long tail on the candlestick near the support line indicates significant bullish activity at these levels.
Failure to maintain lower levels may attract buyers who are now trying to push the price towards the resistance line at $7.50. Breaking through this resistance could lead to further increases towards the $10 mark.
