Toncoin Is Set To Trade In Kazakhstan: Could It Trigger Rally

• 1 Toncoin gained regulatory approval in Kazakhstan and has now joined as the 107th digital asset.
• 2 This week, the TON coin has remained flat close to $7.50.
• 3 Toncoin traded formed a rising wedge pattern and held gains in the upward trajectory.

The Toncoin (TON) joined its peers AVAX, MATIC, ADA, and others during the last few hours to trade in Kazakhstan and is set for yet another bull rally shortly.

The Financial Services Regulatory Authority of Kazakhstan (AFSA) has approved Toncoin for trading on a regulated exchange. It joined as the 107th digital asset.

Fueled by the approval, the sentiments looked strong and might trigger the bull rally ahead. 

Toncoin (TON) Price Movements

Notably, the Toncoin (TON) price stayed the gains near the $7.50 mark and decisively held gains above the key moving averages, directing an uptrend on the charts. For the last month, it has witnessed a noteworthy bull run and soared over 60% till now. 

Nonetheless, the coin was traded close to the ATH mark and was eyeing to breach the upside mark of $8.24, which was only 8% above the current price level.

The uptrend is intact, and the token persisted in delivering the higher high swings and looked bullish on the charts. The buyers continue to dominate in the battle until the downside mark of $7 is not breached.

Interestingly, the TON price traded in the bullish course and was in strong momentum; as soon as it crashed its ATH mark, it would ascend toward the $10 mark.

At press time, the Toncoin (TON) traded at $7.53 with an intraday surge of 0.67%, reflecting neutrality on the charts. It has a monthly return ratio of 16.20% and 464.20% yearly, reflecting a consistent uptrend.

The pair of TON/BTC is at 0.000124 BTC, and the market cap is $18.55 Billion. Analysts are bullish and suggest that the TON price may register an ATH breakout soon and might reach the $10 mark soon.

Toncoin Reveals Strength on Charts: Is a Rally Imminent?

Toncoin was in short-term bullish momentum and decisively maintained gains on an upward trajectory throughout the week. Amidst the pause, the bullish momentum remained intact, and shorts were consistently squeezed, which might trigger a rally soon.

For the past weeks, the coin signifies a follow-on buying activity and has continued to outperform. Amidst the heavyweights like BTC and ETH’s underperformance in the last weeks, TON remained positive and was in the investor’s eyesight.

Source: Santiment

The RSI curve stayed in the overbought zone and witnessed a convergence of the MA line with the signal line, indicating a positive outlook.

Per the Fibonacci retracement levels, the coin stayed bullish and above the 61.8% zone.

In a tweet by @Token Terminal, the FDV continued to emerge and soared to $39 Billion.

Since March:$TON FDV is up from $13B to $39B pic.twitter.com/lirpph1mXZ

— Token Terminal (@tokenterminal) June 28, 2024

Source: X

Moreover, the trend is bullish, and the coin is ready to approach the $10 mark ahead.

Improved Weighted Sentiment Guides Positive Outlook 

Amidst the consistent price rise, the weighted sentiment data looks positive and stays in the positive region, noted at 1.103, delivering investor interest on the charts.

Source: Santiment

Meanwhile, the price volatility still looks neutral, which signifies the decline in the speculative move, which is a positive sign.

The immediate support levels for the Toncoin are $7 and $6.20, whereas the key upside hurdle is around $8.10, followed by $8.40

Could TON Reach the $10 Mark Next Month?

The Toncoin price decisively sustained above the significant moving averages and looks bullish on the charts. Following the sharp surge in the past months, the key metrics favor the bulls and suggest that the next upmove will be unlocked soon.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.