$TON has hit its all-time high level of $8 a piece despite weakness in the border crypto market which has dragged bigger players like BTC and ETH. With trading volumes rising 9/5, $TON has seen increased interest from investors indicating a long-term uptrend. Investors are now wondering if the coin will hit $10 this week.
The coin is currently trading at $8.09, up 7.9% as compared to the same time last day, according to data by CoinMarketCap.
$TON Surpasses $ADA and $SHIB
After a recent price spike, $TON is now the ninth-largest cryptocurrency project by market capitalization, surpassing both Cardano (ADA) and Shiba Inu (SHIB), as reported by Bankless Times earlier. According to CoinMarketCap data, the current value of TON’s circulating supply is $18.8 billion, exceeding that of ADA ($15.1 billion) and SHIB ($12.5 billion), which are ranked 10th and 11th, respectively.
In addition to this, leveraging its massive 900 million user base, Telegram’s “The Open Network” (TON) blockchain recently surpassed Ethereum in daily active addresses. The integration of the Tether (USDT) stablecoin, the introduction of Notcoin, and Telegram Stars are among the factors credited for the spike.
TON’s current price rise and constant market improvement have likely resulted in deep investor confidence which has a greater momentum to the coin’s price trajectory.
Will $TON Hit $10 This Week?
Bucking the market trend, the TON coin has set an example of an individual price trajectory for cryptocurrencies. Though broader market sentiment affects price performance for many coins, individual investor trust propels a virtual currency’s trajectory.
Analysts’ latest estimates project a significant 229.73% increase in the value of the TON coin, with a potential reach of $26.47 by July 14, 2024. The current technical indicators are strongly bullish, and the Fear & Greed Index is currently at 74 (Greed). Over the past 30 days, TON coin has seen 14/30 (47%) green days, indicating a positive trend, and a price volatility of 5.99%.
Data shows an overall bullish sentiment regarding the price prognosis of the TON coin. Seventy-seven technical analysis indicators point to optimistic signs; only two indicate bearish signals. The Relative Strength Index (RSI), a widely used momentum oscillator, is currently at 64.40, indicating a neutral market for the TON coin.
Considering a bullish scenario, the chances of TON hitting $10 this week seem high. However, the coin will have to maintain current gains to reach that level.
