Toncoin Price Spikes Nearly 10% Reaching $7: Is New TON All-Time High Possible – and When?
TON all-time high.
Key Takeaways
- Toncoin increased nearly 10%, nearing $7 from $5.80.
- Pantera Capital’s investment in TON is driving demand and interest.
- Price analysis shows TON has the potential to surpass its all-time high.
Toncoin surged nearly 10% on May 10, climbing to nearly $7 from a low of $5.80 on the previous day’s open. This continued an uptrend from May 8 when the price made a higher low of $5.60.
With TON just another 10% shy of its all-time high of $7.70, will the momentum keep up to a new one soon. Alternatively, will we see a double top?
Pantera Capital Investment Drives The Demand?
Pantera Capital has made its largest investment yet in Telegram’s blockchain network. However, the exact amount remains undisclosed.
The venture capital firm cited several reasons for investing in TON, including its alignment with cryptocurrency principles, efficient scalability, and onboarding through Telegram’s integrated wallet. Pantera sees TON as a promising project in its early stages. It also expects Telegram’s user base to fuel substantial adoption of the Toncoin blockchain network and its features, including TON.
This was revealed on May 8, corresponding to TON’s price rise, and could be considered the catalyst for retail interest.
Toncoin (TON) Price Analysis
The price of TON reached an all-time high of $7.70 on April 12, contrary to the general market, which slumped on April 13. However, after it peaked, we saw a downturn that led to a 40% drop to a low of $4.60 on May 1.
As the price broke below the ascending channel, we received a signal that its corrective phase was being developed. This ended as a 0.5 Fibonacci retracement, finding support and making a bounce.
The four-hour chart RSI fell to 36%, close to the oversold zone, indicating a potential reversal. A new impulsive upward move began, which, considering the described context, is its next five-wave uptrend to the upside.
If this is true, we are currently seeing wave 3 in development, which can potentially exceed its all-time high and make a new one. However two more waves should develop with its wave 5 target projected above $9.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
