Toncoin (TON) is making headlines as it shows promising signs of a potential price surge in June, indicating a possible 50% increase. Despite the current market volatility, TON has formed an ascending triangle pattern, a bullish formation that suggests a breakout may be imminent.
Trading at $7.44, Toncoin has surged by 6.69% in the last 24 hours, reclaiming its position as the 9th largest cryptocurrency by market cap, surpassing Cardano (ADA). This achievement follows a remarkable 228% year-to-date return, pushing its market capitalization to $18.26 billion.
Analyzing Toncoin’s price chart reveals the ascending triangle pattern, with the upper trendline acting as a resistance level around $9.00. Technical indicators such as Exponential Moving Averages (EMAs) and Moving Average Convergence Divergence (MACD) suggest a bullish outlook, indicating a potential price target of $11.80, representing a 50% increase from current levels.
On-chain data further supports Toncoin’s bullish trend, with a significant increase in large transactions within the past 24 hours, indicating whales are actively repositioning their holdings. Additionally, all addresses holding TON tokens are currently in profit, reflecting a shift in investor sentiment from caution to optimism.
In conclusion, the indicators point towards a bullish trend for Toncoin, with potential for significant price changes and developments in the near future. Investors are closely monitoring the TON ecosystem for further updates.