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Toncoin’s Price Soars 8%, Daily Active Users Surpass Ethereum, Analysts Say This New GameFi Cryptocurrency Could Be the Next Big Thing

In the past 24 hours, Toncoin’s price has soared by 8%, trading at $7,525 as of 3:33 AM Eastern Time, with trading volume skyrocketing by 112% to $680 million.

This month, the Telegram Open Network (TON) blockchain has recorded more daily active users than Ethereum almost every day. This is attributed to Telegram’s 900 million user base, a factor that Delphi Digital says is overlooked by the crypto Twitter community.

Data from GeckoTerminal shows that the support level near $6.73 has become a major support for bulls pushing the token to break through the $7.521 resistance level.

Toncoin’s Price Expected to Rise to New Highs

Toncoin’s price is above the 50-day and 200-day Simple Moving Averages (SMA), confirming bullish upward potential.

Moreover, the Relative Strength Index (RSI) rose to the overbought area of 70, currently at 60, indicating that bulls are gearing up for a bullish phase as they buy more.

The Moving Average Convergence Divergence (MACD) also shows a bullish trend, with the blue MACD line crossing the orange signal line, representing a bullish crossover. The green bars on the histogram also extend beyond the neutral line, indicating a positive trend for TON.

Toncoin Price Prediction

The 4-hour chart analysis of Toncoin’s price shows a bullish bias, as bulls aim to maintain the token’s bullish rebound, utilizing the cup-and-handle pattern.

With RSI and MACD providing a bullish outlook, optimistic investors might buy more, potentially driving the token towards a new high, with the current target being $9.

However, if bears control the price at this level, TON could fall back, with $7.2 and $6.7 levels acting as immediate support, coinciding with the 50-day and 200-day SMA respectively.

Sentiment: Neutral

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