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06/07/2024

Toncoin (TON) soars past $7.3, hits new ATH

06/07/2024
4,3

Recently, Toncoin [TON] has captured the spotlight due to its impressive price surges. It has seen a remarkable increase in social prominence, alongside a positive trajectory in its Open Interest.

Toncoin Reaches New Price Milestones

In a recent analysis by AMBCrypto, Toncoin's initial major leap was observed on June 2nd. The data depicted a rise of 8.60%, elevating its price from roughly $6.3 to about $6.8.

Following this, on June 4th, Toncoin marked another substantial rise of 7.48%, propelling its price to surpass $7.3.

This surge established a new pinnacle in its pricing history, exceeding the prior all-time high (ATH) of approximately $7.2, set in April.

Though there was a slight dip of more than 1.6% in its value on June 5th, Toncoin swiftly rebounded to its newly attained levels.

At the moment, Toncoin is priced around $7.3, indicating a rise of over 1.7%. This recent uplift has preserved its status at the new ATH, and any further ascent will create a fresh record.

An examination of Toncoin’s Relative Strength Index (RSI) reveals a solid bullish momentum. Currently, the RSI stands above 67, nearing the overbought territory, signalling strong market enthusiasm.

Toncoin Witnesses Substantial Weekly Growth

CoinMarketCap's data analysis reveals that Toncoin has appreciated over 12% in the past week. Among the top 20 cryptocurrencies, only Binance (BNB) outshone it with a growth of more than 19%.

Currently, with a market capitalization of about $17.6 billion, Toncoin ranks as the ninth-largest cryptocurrency.

Moreover, according to Santiment, Toncoin (TON) is enjoying a heightened level of social engagement. At present, its social dominance stands above 1.3%, signifying its prominence in approximately 1% of cryptocurrency-related discussions.

Despite a peak social dominance of over 2% at the month's beginning, there has been a slight decline in recent days.

Increased Investment in TON

Recent analyses from Coinglass on Toncoin’s Open Interest indicate a substantial influx of capital. It experienced a peak at nearly $227 million on June 5th, though there was a slight decline thereafter.

As of the latest data, the Open Interest hovers around $220 million, showcasing continued investor interest.


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