The Open Network’s native cryptocurrency, Toncoin (TON), has achieved an all-time new high of $7.64, marking an 8.28% increase, with a market capitalization now at $18.5 billion, and it holds a circulating supply of 5 billion, securing its position as the ninth-largest cryptocurrency.
Analyzing Toncoin’s technical chart reveals a golden cross formation, where the 50-day moving average has crossed above the 200-day moving average, suggesting a potential long-term bullish trend and bolstering market sentiment for the altcoin.
The RSI of Toncoin is at 62, which remains bullish since it is not in the overbought zone yet. Also, social metrics including social volume and dominance, have flipped to bullish in the last five days, which usually indicates a market upturn.Â
This can be seen from the fact that the total number of holders for Toncoin has gone up, which is an indication of positive sentiments from investors. The first level of resistance for Toncoin is at $8.0, and a breakthrough could lead to further upward movement to $10 and more.Â
The Toncoin blockchain network has witnessed robust growth, attracting DeFi developers and locking close to $1 billion in total value. The active Toncoin wallets have surged from 1.28 million to over 8 million, showcasing growing adoption and user engagement.
Toncoin is currently participating in the tap-to-earn market segment and competes with such projects as Notcoin due to the increasing number of users and the growth of the project’s market capitalization.
TapSwap is one of the major players in the Toncoin ecosystem, with 49 million users worldwide and is preparing for an upcoming airdrop to increase user activity through the tokenization of fiat.Â
Toncoin’s recent price hike to new heights, along with its technicals and network development, suggest that the cryptocurrency is in bullish territory as it goes on to develop more use cases and position itself in the larger crypto space.
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