Toncoin (TON) is the native crypto-asset of the Layer-1 blockchain The Open Network. It has just achieved a remarkable performance by reaching a new all-time high. Toncoin is now challenging Dogecoin in the race for crypto market dominance. Some crypto experts even estimate that its price could reach $10 in the coming months.
Toncoin crypto challenges Dogecoin with golden cross formation
The token Telegram native crypto This is not his first performance. At the time of writing, Toncoin is trading at $7.64. Its price displays an increase of 8.53%, with a market capitalization of $18.5 billion. Which makes it the ninth largest cryptocurrency.
On the technical side, Toncoin’s chart shows that the 50-day moving average indicator has crossed that of the 200-day moving average. It thus forms a golden crossa long-term bullish signal for altcoin. Given this formation, market sentiment has turned optimistically towards TON.
The RSI indicator is also at favorable levels of 62. Enough to leave additional upside room for maneuver before entering the overbought zone. Even the social volume and social dominance of Toncoin has taken a bullish turn in the last five days. This rise in social metrics often precedes the rise in the market.
Last but not least, the total number of holders of the TON crypto-asset has also increased significantly. This demonstrates investor confidence. Currently, immediate upside resistance for Toncoin price lies at $8. Once this level is breached, further bullish action could result in an advance to $10 and beyond.
What is the long-term outlook for TON crypto?
The long-term outlook for TON appears positive given:
- the formation of the golden cross on the chart,
- network growth and crypto adoption,
- growing interest from investors.
If Toncoin continues on this path, it could even become one of the major players in the market for altcoins.
The Toncoin blockchain network has indeed experienced strong growth by attracting more and more DeFi developers to the platform. Additionally, the total value locked (TVL) on the Toncoin blockchain has reached almost $1 billion.
We also note a dramatic increase in the number of active Toncoin wallets. This has increased from 1.28 million at the start of 2024 to more than 8 million today.
Add to this the substantial gains made by Toncoin in the “tap-to-earn” sector. Crypto now finds itself in competition with platforms like Notcoin, which has more than 30 million users.
Important clarification: TapSwap is one of the main contributors to the Toncoin ecosystem. It has a global user base of 49 million. Its upcoming airdrop aims to boost user engagement by making it easier to convert crypto tokens into fiat currency.
All the conditions therefore seem to be met for Toncoin to reach the $10 threshold in the near future. Investors have every interest in carefully following the evolution of this promising cryptocurrency.
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