GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout
News

Toncoin Price Inches Closer To All-Time High – Will TON Hit $8 This Week?

Toncoin (TON), with its history of wild price fluctuations, perfectly embodies the volatility that thrives in the cryptocurrency market. Prices often experience dramatic swings that can make even the most seasoned investors dizzy.

However, recent trends suggest TON might be entering uncharted territory – a period of eerie stability. This unexpected calm has set tongues wagging, with analysts predicting a potential explosion in volatility on the horizon.

Low Volatility Hints At Brewing Storm

Data analytics platform CryptoQuant has released data indicating TON is currently trading near its all-time high. However, unlike previous surges that were characterized by heart-stopping price jumps, this climb has been accompanied by a surprising decrease in volatility.

At the time of writing, TON was trading at $7.83 down 2.4% in the last 24 hours, but sustained a 4.7% increase in the last seven days, data from Coingecko shows. Based on this figure, TON is just a few cents away from hitting a new all-time high of $8.

This is reflected in a chart where a steady price rise sits alongside subdued “blue bars,” presumably representing volatility levels. CryptoQuant analysts interpret this unusual calmness as a sign of a brewing storm. They point to a historical pattern in Toncoin where periods of low volatility have been followed by dramatic price swings, both upwards and downwards.

Toncoin Potential Price Surge

Based on TON’s historical volatility and CryptoQuant’s analysis of the current low-volatility phase, analysts anticipate a significant increase in volatility in the near future. This prediction is further amplified by separate forecasts suggesting a potential 227% price surge for Toncoin by August 2nd, 2024.

The prospect of a dramatic price rise is undoubtedly enticing for investors. However, it’s crucial to remember that the flip side of high volatility is the potential for a sharp price drop.


Investor Guidance In A Volatile Market

The current phase of Toncoin presents investors with a critical decision point. The token’s low volatility can be seen as a consolidation period, a time when the market gathers strength before a significant price movement, either upwards or downwards.

To help investors navigate this potential volatility spike, CryptoQuant recommends utilizing on-chain metrics, which are data points generated by blockchain activity. By analyzing metrics like trading volume, active addresses, and transaction counts, investors can gain valuable insights into market sentiment and potentially predict the direction of the upcoming volatility.

Looking Beyond CryptoQuant

While CryptoQuant’s analysis provides valuable insights, investors should consider incorporating perspectives from other reputable analysts to form a well-rounded view. Consulting technical analysis indicators and price predictions from various sources can offer a more holistic understanding of potential market movements.

Additionally, a deeper dive into the on-chain metrics themselves can provide a more granular understanding of market forces influencing TON’s price. This could involve looking at trends in exchange inflows and outflows, the number of new wallets created, and the average transaction size.

Featured image from Pexels, chart from TradingView

Latest Press

post-thumbnail
News
4 hours ago
WazirX Boosts White Hat Reward to 10% Following $230M Hack: Ensures User Safety
The post WazirX Boosts White Hat Reward to 10% Following $230M Hack: Ensures User Safety appeared fi...
READ MORE
post-thumbnail
News
4 hours ago
Breaking: Joe Biden Officially Withdraws from 2024 Presidential Race
The post Breaking: Joe Biden Officially Withdraws from 2024 Presidential Race appeared first on Coin...
READ MORE
default post thumbnail
News
4 hours ago
ORDI Soars 26% On Solid 7-Day Run – Can It Climb Higher This Week?
Ordinals are a relatively novel innovation within the crypto space, but ORDI, the cryptocurrency wit...
READ MORE
default post thumbnail
News
4 hours ago
RankFi Study Reveals Major Fee Discrepancies Among Canadian Crypto Exchanges
Toronto, Canada, July 21st, 2024, Chainwire A new study reveals some Canadian crypto platforms charg...
READ MORE
default post thumbnail
News
4 hours ago
Kraken Becomes Official Crypto Partner of Tottenham Hotspur
Leading crypto exchange Kraken has inked a partnership with one of England’s most iconic football ...
READ MORE
default post thumbnail
News
4 hours ago
Buying Bitcoin Paid Off for Metaplanet as Shares Jump Over 800% YTD
Japanese investment firm Metaplanet has been on an aggressive Bitcoin buying spree. Earlier this wee...
READ MORE
post-thumbnail
News
4 hours ago
Bitcoin Dumped $2K in Minutes After President Joe Biden Ended 2024 Election Campaign
Bitcoin’s price continues to be highly impacted by the political scene in the United States. After...
READ MORE
post-thumbnail
News
10 hours ago
Solana Leads Crypto Rally As Expectations For A Break Above $200 Grow
Solana has recently captured the attention of market participants with a remarkable surge to $175, s...
READ MORE
post-thumbnail
News
10 hours ago
Polkadot (DOT) Poised For Rally? Analyst Predicts $9.00 Breakout
Resilient and showing great upward momentum is Polkadot (DOT), the blockchain network noted for its ...
READ MORE
default post thumbnail
News
10 hours ago
Polkadot Price Analysis: $DOT Battles to Get Ahead Despite Market Run
The crypto market has made significant strides since the recent downturn. Bitcoin has been holding s...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started