Why is Toncoin (TON) Price Up?

The Toncoin (TON) cryptocurrency has been on an upward trajectory lately. According to the latest price information from CoinMarketCap, Toncoin’s price is $3.58, with a 24-hour trading volume of $359,080,997. Significantly, Toncoin has surged by 23.46% in the last 24 hours.

Growth for TON Projects

The TON blockchain has announced that projects in The Open League are witnessing significant growth. Notably, @TonRaffles leads the pack, boasting over 70% user growth and a 60% increase in Total Value Locked (TVL). Consequently, the TON Foundation has announced an airdrop of 1 $TON to every @TonRaffles holder as a reward for the project’s success.

Additionally, the TON blockchain has revealed that a snapshot of $RAFF holders was taken at 11:57:07 GMT on March 11, 2024. Moreover, if you were holding $RAFF at that specific time, you will receive 1 $TON soon.

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Technical Analysis Suggests Bullish Momentum

An analysis of TON’s daily price chart from the TradingView platform indicates a bullish trend for Toncoin. Currently trading at $3.5716, the last candlestick on the daily chart is green, showing a significant increase in value. However, the Relative Strength Index (RSI) is at 83.74 and points upward, suggesting that the cryptocurrency may be overbought and due for a potential correction.

Moreover, the Moving Average Convergence Divergence (MACD) and signal line trend upward, reinforcing the bullish momentum. Overall, while the technical indicators point towards a bullish trend for Toncoin, traders should exercise caution due to the overbought RSI, which could lead to a potential correction in the near future.

The Toncoin (TON) cryptocurrency’s price surge can be attributed to the growth of projects in The Open League, particularly @TonRaffles, and the TON Foundation’s airdrop incentive. Additionally, the bullish technical indicators on the daily price chart suggest ongoing momentum, albeit with a potential correction due to the overbought RSI.

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.